一天蒸发300亿美元，美国金融科技史上罕见“血案”是怎么酿成的

Core Viewpoint - The recent stock crash of Fiserv, a major player in the fintech industry, highlights significant management failures, including poor pricing strategies and a lack of responsiveness to customer needs, leading to a drastic reduction in earnings guidance and revenue expectations [3][4]. Group 1: Stock Performance and Market Reaction - Fiserv's stock plummeted approximately 44%, marking the largest single-day drop in nearly 40 years, resulting in a market capitalization loss of about $30 billion [1][3]. - As of the latest reports, Fiserv's stock has declined nearly 66% year-to-date, potentially making it the worst-performing stock in the S&P 500 index this year [4]. Group 2: Management and Strategic Failures - New CEO Mike Lyons retracted previous earnings guidance, lowering the adjusted EPS forecast from $10.15-$10.30 to $8.50-$8.60, a reduction exceeding 16%, and slashed revenue growth expectations from 10% to 3.5%-4% [3]. - The company's third-quarter revenue growth was only about 1% year-over-year, significantly below Wall Street's expectations of $53.6 billion, and the adjusted EPS was $2.04, nearly 23% lower than anticipated [3][4]. - The previous CEO, Frank Bisignano, set overly aggressive growth targets and implemented pricing strategies that led to significant customer attrition, particularly with the Clover product [3][5]. Group 3: Customer Issues and Competitive Landscape - Customers expressed dissatisfaction with high fees associated with Clover's point-of-sale system, prompting many to switch to cheaper alternatives like Square or Toast [5][6]. - Analysts raised concerns about the sustainability of Clover's revenue growth, noting a disconnect between Clover's revenue growth and the payment volume processed, which typically should align [6]. Group 4: Analyst Reactions and Future Outlook - Analysts reacted sharply to Fiserv's poor performance, with BTIG describing the financial results as "astonishingly bad" and other firms expressing disbelief at the magnitude of the earnings guidance cut [8][9]. - Fiserv announced several remedial measures, including reversing pricing changes for Clover, launching a new technology strategy, and making significant leadership changes [9]. - The company appointed a new COO and CFO, along with new board members, indicating a strategic shift in response to the crisis [9].