Fiserv Reports Revenue of $9.3B in H1 2023

Fiserv Reports Revenue of $9.3B in H1 2023

Time Stamp: July 27, 2023 3:57 AM
Source Node: 2186896

Financial
services technology solutions provider Fiserv (NYSE: FI) has unveiled its financial results for Q2 2023. The publicly-listed
company has increased its overall revenue and organic revenue growth outlook, marking
another uptick in its projected performance.

Fiserv
reported an increase of 7% in GAAP revenue for Q2 2023, bringing the total to $4.76
billion, which is up from the prior year’s revenue of $4.45
billion. This growth was primarily driven by the Acceptance and Payments
segments, with increases of 9% and 8%, respectively.

However,
the Fintech segment experienced a slight decrease, reporting a drop of 2% in
revenue. GAAP earnings per share (EPS) also saw a significant boost, rising 20%
to $1.10 for the quarter and 3% to $1.99 for H1 2023 compared to
the same period in 2022.

“We
delivered our ninth consecutive quarter of double-digit organic revenue growth,
as we sustained our momentum in merchant acceptance and expanded our digital
payments proposition for financial institutions,” Frank Bisignano, the Chairman,
President and Chief Executive Officer of Fiserv, commented. He added that the
company’s broad range of products and clients continues to drive its “standout
performance.”

On top of that, the company reported an increase in total revenue for H1 2023 to
$9.3 billion, which is up from $8.5 billion reported in the previous year. The net profit
was $695 million for Q2 2023 and $1.27 billion for H1 2023. Although it
significantly increased on a quarterly basis, it noted a modest decrease of $20
million on a semiannual basis.

Source: Fiserv

Fiserv Has Updated Outlook for 2023

In light of
strong Q2 results, Fiserv has updated its full-year outlook for 2023. The
company now predicts organic revenue growth of between 9% and 11%, with
adjusted earnings per share forecasted to be in the range of $7.40 to $7.50. This
marks a growth of 14% to 16%.

“Our
actions to invest, integrate and innovate have resulted in strong demand for
our products and greater productivity for our associates,” Bisignano
concluded.

Last year, the company launched AppMarket. This innovative solution allows financial companies to integrate fintech capabilities into their banking services. Furthermore, Fiserv has successfully acquired Finxact, a leading provider of digital banking solutions.

Financial
services technology solutions provider Fiserv (NYSE: FI) has unveiled its financial results for Q2 2023. The publicly-listed
company has increased its overall revenue and organic revenue growth outlook, marking
another uptick in its projected performance.

Fiserv
reported an increase of 7% in GAAP revenue for Q2 2023, bringing the total to $4.76
billion, which is up from the prior year’s revenue of $4.45
billion. This growth was primarily driven by the Acceptance and Payments
segments, with increases of 9% and 8%, respectively.

However,
the Fintech segment experienced a slight decrease, reporting a drop of 2% in
revenue. GAAP earnings per share (EPS) also saw a significant boost, rising 20%
to $1.10 for the quarter and 3% to $1.99 for H1 2023 compared to
the same period in 2022.

“We
delivered our ninth consecutive quarter of double-digit organic revenue growth,
as we sustained our momentum in merchant acceptance and expanded our digital
payments proposition for financial institutions,” Frank Bisignano, the Chairman,
President and Chief Executive Officer of Fiserv, commented. He added that the
company’s broad range of products and clients continues to drive its “standout
performance.”

On top of that, the company reported an increase in total revenue for H1 2023 to
$9.3 billion, which is up from $8.5 billion reported in the previous year. The net profit
was $695 million for Q2 2023 and $1.27 billion for H1 2023. Although it
significantly increased on a quarterly basis, it noted a modest decrease of $20
million on a semiannual basis.

Source: Fiserv

Fiserv Has Updated Outlook for 2023

In light of
strong Q2 results, Fiserv has updated its full-year outlook for 2023. The
company now predicts organic revenue growth of between 9% and 11%, with
adjusted earnings per share forecasted to be in the range of $7.40 to $7.50. This
marks a growth of 14% to 16%.

“Our
actions to invest, integrate and innovate have resulted in strong demand for
our products and greater productivity for our associates,” Bisignano
concluded.

Last year, the company launched AppMarket. This innovative solution allows financial companies to integrate fintech capabilities into their banking services. Furthermore, Fiserv has successfully acquired Finxact, a leading provider of digital banking solutions.

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