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Thread Bank picked Fiserv’s Finxact as its core banking platform, according to a Tuesday (Aug. 26) news release.By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions .Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.“As the embedded banking market continues to evolve, T ...

Core Insights - The article discusses the expertise of Vladimir Dimitrov, CFA, who has a background in brand and intangible assets valuation, particularly in the technology, telecom, and banking sectors [1] Group 1: Professional Background - Vladimir Dimitrov has experience as a strategy consultant and has worked with major global brands [1] - He graduated from the London School of Economics, indicating a strong academic foundation [1] - His focus is on identifying reasonably priced businesses with sustainable long-term competitive advantages [1]

Core Viewpoint - The complaint against Fiserv alleges violations of federal securities laws due to misleading statements regarding the performance and growth of its Clover platform, particularly following the forced migration of Payeezy merchants [2]. Group 1: Allegations Against Fiserv - Fiserv allegedly forced Payeezy merchants to migrate to its Clover platform due to issues with the older Payeezy platform [2]. - The revenue growth and gross payment volume (GPV) of Clover were temporarily inflated by these forced conversions, masking a slowdown in new merchant business [2]. - A significant number of former Payeezy merchants reportedly switched to competitors due to Clover's high pricing and compatibility issues, leading to a slowdown in Clover's GPV growth [2]. Group 2: Market Reaction and Stock Performance - On April 24, 2025, Fiserv reported Clover GPV growth of only 8% for Q1 2025, a decline from 14-17% in 2024, resulting in an 18.5% drop in stock price to $176.90 [3]. - On May 15, 2025, Fiserv disclosed that GPV growth deceleration would persist throughout 2025, causing a further 16.2% decline in stock price to $159.13 [3]. - On July 23, 2025, Fiserv lowered its full-year organic growth guidance and reported a deceleration in quarterly organic revenue growth to 9% year-over-year, leading to a 13.9% drop in stock price to $143.00 [3].

Core Viewpoint - Fiserv is at a critical juncture, with conflicting signals from its weekly and monthly charts regarding future performance [1][12]. Weekly Chart Outlook - Fiserv has entered Phase 18, the final phase of the 18-Phase Adhishthana Cycle, which began in July 2013 and will conclude on December 20, 2026 [4]. - Phases 14 to 16, known as the Guna Triads, are essential for determining if Fiserv can achieve Nirvana in Phase 18, requiring a bullish trend (Satoguna) [4][5]. Monthly Chart Outlook - Currently, Fiserv is in Phase 11 on the monthly chart, which presents a different narrative [8]. - The stock experienced a significant rally of approximately 96% in Phase 9 and another 113% in Phase 10, but Phase 10 ended without forming a peak [9][10]. - Following a peak around $238, Fiserv has corrected by 40-45%, indicating a potential peak formation and descent in its Himalayan formation [10][11]. Investor Outlook - The weekly chart suggests a potential Nirvana move, while the monthly chart indicates a possible peak has already been established, creating a mixed signal for investors [12]. - A recent investigation into potential federal securities law violations adds to the uncertainty surrounding the stock [12]. - The $125.05 level is critical; if it holds or breaks decisively, it could confirm whether the current movement is a correction or the start of a larger trend [13].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period from to Commission File Number 1-38962 FISERV, INC. (Exact Name of Registrant as Specified in Its Charter) Wisconsin 39-1506125 (State or Other Jurisdiction of Incorporation or Organization) (I. R. S. Employer Identification No.) 600 N. Vel R. Phillips Avenue, Milwaukee, WI 53203 (Address of Prin ...

But some initiatives are taking “longer then planned,” according to management commentary on the call.Fiserv’s management said Wednesday (July 23) that its flagship point of sale offering, Clover, is still on track to hit $3.5 billion in annual sales this year.By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions .Complete the form to unlock this ...

Core Insights - TD Bank Group's TD Merchant Solutions has entered into a multi-year strategic managed services program agreement with Fiserv, which will utilize Fiserv's payment and financial technology, including the Clover point-of-sale system, for its merchant business in Canada [1][2]. Group 1: Partnership Details - Fiserv will acquire a portion of TD's merchant processing business in Canada, which includes migrating 3,400 TD merchant relationships across 30,000 merchant locations to Fiserv's processing system and Clover [3]. - The transaction is expected to close later this year, pending customary closing conditions [3]. Group 2: Strategic Benefits - The partnership aims to expand Clover's reach in Canada, enhancing the value delivered to clients through the integration of Clover's innovative merchant product offerings with TD's business banking solutions [4][5]. - This collaboration is designed to help small businesses address challenges such as rising costs and labor shortages, while also improving customer retention [6]. Group 3: Company Background - TD Bank Group is recognized as the sixth largest bank in North America by assets [5]. - Fiserv has been actively enhancing its merchant services, including a recent acquisition aimed at strengthening its footprint in Ireland and Europe [7][8].

[Executive Summary](index=1&type=section&id=Item%201.%20Executive%20Summary) Fiserv reported strong Q2 2025 results, refined its full-year outlook, and advanced strategic initiatives, demonstrating robust financial performance [Second Quarter 2025 Performance Highlights](index=1&type=section&id=Item%201.1.%20Second%20Quarter%202025%20Performance%20Highlights) Fiserv achieved strong Q2 2025 performance, marked by significant GAAP and non-GAAP revenue and earnings per share growth [GAAP Results Overview](index=1&type=section&id=Item%201.1.1.%20GAAP%20Results%20Overview) Fiserv's GAAP performance in Q2 and H1 2025 showed strong revenue and EPS growth, with improved operating margins **Second Quarter and Half-Year 2025 GAAP Key Financial Data** | Metric | Q2 2025 | H1 2025 | | :------------------------------------ | :------------- | :----------- | | GAAP Revenue Growth Rate | 8% | 7% | | Merchant Solutions Segment GAAP Revenue Growth Rate | 10% | 8% | | Financial Solutions Segment GAAP Revenue Growth Rate | 7% | 7% | | GAAP EPS Growth Rate | 22% | 22% | | GAAP Operating Margin (Q2) | 30.7% | 29.0% | | GAAP Operating Margin (Q2 2024) | 28.0% | 26.1% | | Net Cash Provided by Operating Activities (H1) | $2.31 billion | $2.17 billion (prior year period) | [Non-GAAP Results Overview](index=2&type=section&id=Item%201.1.2.%20Non-GAAP%20Results%20Overview) Non-GAAP results for Q2 and H1 2025 highlight strong organic revenue and adjusted EPS growth, with improved adjusted operating margins **Second Quarter and Half-Year 2025 Non-GAAP Key Financial Data** | Metric | Q2 2025 | H1 2025 | | :------------------------------------ | :------------- | :----------- | | Adjusted Revenue Growth Rate | 8% | 7% | | Organic Revenue Growth Rate | 8% | 8% | | Merchant Solutions Segment Organic Revenue Growth Rate | 9% | 9% | | Financial Solutions Segment Organic Revenue Growth Rate | 7% | 6% | | Adjusted EPS Growth Rate | 16% | 15% | | Adjusted Operating Margin (Q2) | 39.6% | 38.7% | | Free Cash Flow (H1) | $1.54 billion | $1.48 billion (prior year period) | [2025 Outlook Refinement](index=1&type=section&id=Item%201.2.%202025%20Outlook%20Refinement) Fiserv refined its 2025 full-year outlook, forecasting approximately **10%** organic revenue growth and adjusted EPS of **$10.15** to **$10.30** - The company adjusted its 2025 organic revenue growth outlook to approximately **10%**[1](index=1&type=chunk)[6](index=6&type=chunk) - The company adjusted its 2025 adjusted EPS outlook to **$10.15** to **$10.30**, representing **15%** to **17%** year-over-year growth[1](index=1&type=chunk)[6](index=6&type=chunk) - CEO Mike Lyons stated the company is on track for its 40th consecutive year of double-digit adjusted EPS growth[8](index=8&type=chunk) [Strategic Initiatives and Business Updates](index=2&type=section&id=Item%201.3.%20Strategic%20Initiatives%20and%20Business%20Updates) The company continued strategic initiatives, including customer-centric innovation and operational efficiency, alongside key financial and business developments - The company's strategic focus includes customer-centric innovation, deepening client relationships, and operational efficiency[4](index=4&type=chunk) - The company repurchased **12.2 million** shares of common stock valued at **$2.2 billion** in Q2, and **21.9 million** shares valued at **$4.4 billion** in H1[7](index=7&type=chunk) - The company completed a public offering of €2.175 billion in 3-year, 7-year, and 11-year senior notes with a weighted average coupon of **3.43%**[7](index=7&type=chunk) - In June 2025, the company signed an agreement to acquire the remaining **49.9%** equity interest in AIB Merchant Services, an Irish payment solutions provider[7](index=7&type=chunk) - In June 2025, the company announced plans to launch a new digital asset platform, including a new stablecoin (FIUSD), aiming to provide financial institutions and merchants with simple, secure, and scalable access to digital assets[7](index=7&type=chunk) - Fiserv was named a top global fintech company by CNBC for the third consecutive year in 2025 and included in TIME's 2025 list of Most Influential Companies[7](index=7&type=chunk) [GAAP Financial Results](index=6&type=section&id=Item%202.%20GAAP%20Financial%20Results) This section details Fiserv's GAAP financial performance, covering consolidated statements of income, segment results, cash flows, and balance sheets [Condensed Consolidated Statements of Income](index=6&type=section&id=Item%202.1.%20Condensed%20Consolidated%20Statements%20of%20Income) Fiserv achieved significant GAAP revenue and net income growth in Q2 and H1 2025, driven by increased processing, services, and product revenue **Condensed Consolidated Statements of Income (millions USD, except per share amounts, unaudited)** | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :------------------------------------ | :------------- | :------------- | :----------- | :----------- | | Revenue | $5,516 | $5,107 | $10,646 | $9,990 | | Operating Income | $1,696 | $1,428 | $3,091 | $2,609 | | Net Income Attributable to Fiserv | $1,026 | $894 | $1,877 | $1,629 | | GAAP Diluted EPS Attributable to Fiserv | $1.86 | $1.53 | $3.36 | $2.76 | [Segment Performance (GAAP)](index=9&type=section&id=Item%202.2.%20Segment%20Performance%20(GAAP)) Both Merchant Solutions and Financial Solutions segments achieved revenue growth, with varying operating margin trends **Segment GAAP Financial Performance (millions USD, unaudited)** | Segment | Q2 2025 Revenue | Q2 2024 Revenue | Q2 2025 Operating Margin | Q2 2024 Operating Margin | H1 2025 Revenue | H1 2024 Revenue | H1 2025 Operating Margin | H1 2024 Operating Margin | | :-------------------- | :----------------- | :----------------- | :----------------------- | :----------------------- | :--------------- | :--------------- | :--------------------- | :--------------------- | | Merchant Solutions | $2,644 | $2,410 | 34.6% | 36.6% | $5,016 | $4,663 | 34.4% | 35.4% | | Financial Solutions | $2,552 | $2,379 | 48.7% | 45.9% | $4,969 | $4,664 | 48.1% | 45.0% | - Merchant Solutions segment revenue grew **10%** in Q2 and **8%** in H1[2](index=2&type=chunk) - Financial Solutions segment revenue grew **7%** in Q2 and **7%** in H1[2](index=2&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Item%202.3.%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities increased in H1 2025, with cash primarily used for capital expenditures, acquisitions, and share repurchases, and funds raised through debt issuance **Condensed Consolidated Statements of Cash Flows (millions USD, unaudited)** | Cash Flow Item (H1) | 2025 | 2024 | | :------------------------------------ | :----- | :----- | | Net Cash Provided by Operating Activities | $2,313 | $2,172 | | Net Cash Used in Investing Activities | $(1,263) | $(1,207) | | Net Cash Used in Financing Activities | $(1,166) | $(1,114) | | Capital Expenditures | $(814) | $(768) | | Payments for Business Acquisitions (net of cash acquired) | $(337) | $0 | | Purchases of Treasury Stock | $(4,642) | $(3,230) | | Proceeds from Debt | $3,679 | $3,189 | [Condensed Consolidated Balance Sheets](index=12&type=section&id=Item%202.4.%20Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets increased to **$81.53 billion**, driven by key asset categories, while total liabilities increased and shareholders' equity decreased **Condensed Consolidated Balance Sheets (millions USD, unaudited)** | Balance Sheet Item | June 30, 2025 | December 31, 2024 | | :------------------------- | :------------ | :------------- | | Total Assets | $81,531 | $77,176 | | Total Liabilities | $55,768 | $49,490 | | Fiserv Shareholders' Equity | $25,215 | $27,068 | | Cash and Cash Equivalents | $999 | $1,236 | | Settlement Assets | $17,554 | $15,429 | | Goodwill | $37,465 | $36,584 | | Long-Term Debt | $28,059 | $23,730 | [Non-GAAP Financial Measures and Reconciliations](index=7&type=section&id=Item%203.%20Non-GAAP%20Financial%20Measures%20and%20Reconciliations) This section provides reconciliations of GAAP to non-GAAP financial measures, offering a clearer view of core operational performance [Reconciliation of GAAP to Adjusted Net Income and EPS](index=7&type=section&id=Item%203.1.%20Reconciliation%20of%20GAAP%20to%20Adjusted%20Net%20Income%20and%20EPS) Fiserv provides adjusted net income and EPS by excluding specific non-cash or non-recurring items to better reflect core operational performance **Reconciliation of GAAP to Adjusted Net Income and EPS (millions USD, except per share amounts, unaudited)** | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :------------------------------------ | :------------- | :------------- | :----------- | :----------- | | GAAP Net Income Attributable to Fiserv | $1,026 | $894 | $1,877 | $1,629 | | Total Adjustments | $309 | $325 | $698 | $732 | | Adjusted Net Income | $1,364 | $1,245 | $2,574 | $2,361 | | GAAP Diluted EPS Attributable to Fiserv | $1.86 | $1.53 | $3.36 | $2.76 | | Adjustments (net of income tax) | $0.61 | $0.60 | $1.25 | $1.24 | | Adjusted EPS | $2.47 | $2.13 | $4.61 | $4.00 | - Key adjustments include acquisition-related intangible asset amortization (**$341 million** in Q2 2025, **$672 million** in H1 2025) and the impact of Argentine Peso devaluation (**$39 million** in both Q2 and H1 2025)[27](index=27&type=chunk)[28](index=28&type=chunk)[31](index=31&type=chunk) [Adjusted Segment Performance](index=9&type=section&id=Item%203.2.%20Adjusted%20Segment%20Performance) Adjusted segment performance shows significant improvement in overall adjusted operating income and margin, with segment-level metrics aligning with GAAP **Adjusted Segment Performance (millions USD, unaudited)** | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :------------------------------------ | :------------- | :------------- | :----------- | :----------- | | Adjusted Revenue (Total Company) | $5,196 | $4,794 | $9,985 | $9,337 | | Adjusted Operating Income (Total Company) | $2,059 | $1,841 | $3,867 | $3,470 | | Adjusted Operating Margin (Total Company) | 39.6% | 38.4% | 38.7% | 37.2% | - Adjusted operating margin increased by **120 basis points** in Q2 and **150 basis points** in H1[7](index=7&type=chunk) - Adjusted metrics for Merchant and Financial segments are identical to GAAP metrics as no additional adjustments were made at the segment level[35](index=35&type=chunk) [Organic Revenue Growth](index=13&type=section&id=Item%203.3.%20Organic%20Revenue%20Growth) Fiserv achieved **8%** organic revenue growth in both Q2 and H1 2025, driven by strong performance in Merchant Solutions and Financial Solutions **Organic Revenue Growth (millions USD, unaudited)** | Segment | Q2 2025 Organic Revenue | Q2 2024 Organic Revenue | Q2 Growth Rate | H1 2025 Organic Revenue | H1 2024 Organic Revenue | H1 Growth Rate | | :-------------------- | :--------------------- | :--------------------- | :------------- | :------------------- | :------------------- | :----------- | | Total Company | $5,178 | $4,789 | 8% | $10,033 | $9,327 | 8% | | Merchant | $2,638 | $2,410 | 9% | $5,071 | $4,663 | 9% | | Financial | $2,540 | $2,379 | 7% | $4,962 | $4,664 | 6% | - Organic revenue growth excludes the impact of foreign currency fluctuations, acquisitions, dispositions, and company postage reimbursements[44](index=44&type=chunk) [Free Cash Flow](index=14&type=section&id=Item%203.4.%20Free%20Cash%20Flow) Free cash flow increased to **$1.54 billion** in H1 2025, reflecting strong operating cash generation **Free Cash Flow (millions USD, unaudited)** | Metric | H1 2025 | H1 2024 | | :------------------------------------ | :----------- | :----------- | | Net Cash Provided by Operating Activities | $2,313 | $2,172 | | Capital Expenditures | $(814) | $(768) | | Free Cash Flow | $1,545 | $1,479 | - Free cash flow measures funds available for debt service and strategic capital decisions during a given period[14](index=14&type=chunk) [Total Amortization](index=14&type=section&id=Item%203.5.%20Total%20Amortization) Total amortization expenses remained relatively stable year-over-year, with acquisition-related intangible asset amortization slightly decreasing **Total Amortization (millions USD, unaudited)** | Amortization Type | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :------------------------------------ | :------------- | :------------- | :----------- | :----------- | | Acquisition-Related Intangible Asset Amortization | $342 | $371 | $673 | $744 | | Capitalized Software and Other Intangible Asset Amortization | $188 | $156 | $364 | $300 | | Total Amortization | $651 | $649 | $1,276 | $1,288 | - Acquisition-related intangible asset amortization decreased by **$29 million** in Q2 and **$71 million** in H1[46](index=46&type=chunk) [Full Year Forward-Looking Non-GAAP Financial Measures](index=15&type=section&id=Item%204.%20Full%20Year%20Forward-Looking%20Non-GAAP%20Financial%20Measures) This section outlines Fiserv's full-year forward-looking non-GAAP financial measures, including organic revenue growth and adjusted EPS outlook [2025 Outlook for Organic Revenue Growth](index=15&type=section&id=Item%204.1.%202025%20Outlook%20for%20Organic%20Revenue%20Growth) Fiserv projects approximately **10%** organic revenue growth for full-year 2025, with the outlook considering various adjustments **2025 Outlook for Organic Revenue Growth** | Metric | Growth Rate | | :-------------------- | :---------- | | 2025 Revenue | 10.0% | | 2025 Adjusted Revenue | 10.0% | | 2025 Organic Revenue | ~10% | - The organic revenue growth outlook excludes the impact of foreign currency fluctuations, acquisitions, dispositions, and company postage reimbursements[50](index=50&type=chunk) [2025 Outlook for Adjusted Earnings Per Share](index=15&type=section&id=Item%204.2.%202025%20Outlook%20for%20Adjusted%20Earnings%20Per%20Share) The company forecasts 2025 adjusted EPS between **$10.15** and **$10.30**, reflecting a **15%** to **17%** increase from the prior year **2025 Outlook for Adjusted Earnings Per Share (millions USD, except per share amounts, unaudited)** | Metric | Amount | | :------------------------------------ | :----------- | | 2024 Adjusted Net Income | $5,123 | | 2024 Adjusted EPS | $8.80 | | 2025 Adjusted EPS Outlook | $10.15 - $10.30 | | 2025 Adjusted EPS Growth Outlook | 15% - 17% | - 2024 adjustments included merger and integration costs, severance, acquisition-related intangible asset amortization, equity investment impairments, and non-cash settlement charges for a terminated pension plan[55](index=55&type=chunk)[57](index=57&type=chunk) - Acquisition-related intangible asset amortization expenses are expected to decrease by approximately **5%** in 2025 compared to 2024[51](index=51&type=chunk) [Explanation of Non-GAAP Forward-Looking Measures](index=15&type=section&id=Item%204.3.%20Explanation%20of%20Non-GAAP%20Forward-Looking%20Measures) Fiserv's forward-looking non-GAAP measures aim to provide clearer performance assessment by excluding certain variable or non-cash items, with no GAAP reconciliation provided due to inherent variability - Forward-looking non-GAAP financial measures are intended to enhance shareholders' ability to assess the company's performance by excluding certain items, focusing on factors and trends affecting its business[49](index=49&type=chunk) - The forward-looking organic revenue growth outlook excludes the impact of foreign currency fluctuations, acquisitions, dispositions, and company postage reimbursements[50](index=50&type=chunk) - The forward-looking adjusted EPS outlook excludes non-cash intangible asset amortization expense, non-cash impairment charges, merger and integration costs, severance, gains or losses on sales of businesses/assets/investments, and certain discrete tax benefits and expenses[51](index=51&type=chunk) - A reconciliation of forward-looking non-GAAP measures to corresponding GAAP measures is not provided due to the variability, complexity, and limited visibility of non-cash and other excluded items[49](index=49&type=chunk)[52](index=52&type=chunk) [Additional Company Information](index=3&type=section&id=Item%205.%20Additional%20Company%20Information) This section provides background on Fiserv, detailed disclosures on non-GAAP financial measures, and important forward-looking statements [About Fiserv](index=3&type=section&id=Item%205.1.%20About%20Fiserv) Fiserv, Inc. is a Fortune 500 global leader in payments and fintech, offering innovative solutions across various financial services - Fiserv, Inc. (NYSE: FI) is a Fortune 500 company and a global leader in payments and fintech[9](index=9&type=chunk) - The company helps clients achieve best-in-class results through innovation and excellence in account processing and digital banking solutions, card issuer processing and network services, payments, e-commerce, merchant acquiring and processing, and Clover® point-of-sale systems[9](index=9&type=chunk) - Fiserv is a member of the S&P 500 Index and has been recognized by Fortune as one of the World's Most Admired Companies[9](index=9&type=chunk) [Use of Non-GAAP Financial Measures (Detailed Disclosure)](index=3&type=section&id=Item%205.2.%20Use%20of%20Non-GAAP%20Financial%20Measures%20(Detailed%20Disclosure)) Fiserv uses non-GAAP financial measures to supplement GAAP reporting, providing additional insight into performance by excluding certain non-cash or other items - The company uses non-GAAP measures such as adjusted revenue, organic revenue growth, adjusted operating income, adjusted EPS, and free cash flow to supplement its GAAP reporting[10](index=10&type=chunk) - Management believes these measures enhance shareholders' ability to assess the company's performance by adjusting for certain non-cash or other items and excluding certain pass-through revenues and expenses, providing additional insight into factors and trends affecting its business[10](index=10&type=chunk) - Examples of non-cash or other items include acquisition-related intangible asset amortization expense, non-cash impairment charges, merger and integration costs, severance, gains or losses on sales of businesses/assets/investments, and certain discrete tax benefits and expenses[11](index=11&type=chunk) - Organic revenue growth excludes the impact of foreign currency fluctuations, acquisitions, dispositions, and company postage reimbursements[14](index=14&type=chunk) - Free cash flow measures the funds available for debt service requirements and strategic capital decisions during a given period[14](index=14&type=chunk) - These unaudited non-GAAP measures may not be comparable to similarly titled measures reported by other companies and should be considered as a supplement to, not a substitute for, GAAP measures[15](index=15&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Item%205.3.%20Forward-Looking%20Statements) This press release contains forward-looking statements subject to assumptions, risks, and uncertainties that may cause actual results to differ materially from expectations - Forward-looking statements often contain words such as "believe," "expect," "anticipate," "may," "should," "confident," "could," "plan," or similar words of like meaning[16](index=16&type=chunk) - Forward-looking statements are subject to assumptions, risks, and uncertainties that could cause actual results to differ materially from expectations[17](index=17&type=chunk) - Factors that could cause actual results to differ materially include competition, changes in client demand, technological advancements, merchant alliances, security breaches or operational failures, fraud losses, changes in economic or political conditions (e.g., inflation, rising interest rates, recession), legislative and regulatory actions, intellectual property protection, litigation, acquisition integration, growth strategies, attracting and retaining key personnel, adverse foreign currency effects, and changes in corporate tax and interest rates[17](index=17&type=chunk)[19](index=19&type=chunk) - Investors should carefully consider these factors and not place undue reliance on forward-looking statements, as the company undertakes no obligation to update any forward-looking statements[19](index=19&type=chunk)

Market Capitalization Changes - The market capitalization of major global technology and internet companies has shown varied changes as of July 9, 2025, with notable increases in companies like Tesla, which rose by 1.32% to reach $959.2 billion, and Alibaba, which increased by 1.62% to $257.6 billion [3][4][5]. - Companies such as Netflix and Shopify experienced declines, with Netflix decreasing by 1.11% to $548.8 billion and Shopify dropping by 3.58% to $619.1 billion [3][4]. Notable Performers - AMD saw a significant increase of 2.24%, bringing its market cap to $223.4 billion, while Intel had a remarkable rise of 7.23%, reaching $102.8 billion [5][6]. - Other companies with positive performance include Adobe, which increased by 1.41% to $162.1 billion, and ASML, which rose by 1.15% to $312.2 billion [3][4]. Decliners - Companies like Robinhood and Sea Limited faced declines, with Robinhood decreasing by 2.34% to $824 million and Sea Limited dropping by 1.32% to $894 million [6][7]. - FICO experienced a significant drop of 8.91%, bringing its market cap down to $455 million [7]. Overall Trends - The overall trend indicates a mixed performance across the technology sector, with some companies gaining market value while others are experiencing losses [3][4][5][6].