Core Insights - Fiserv's third-quarter results were described as "abysmal" and led to a 43% drop in shares, marking the worst one-day decline in the company's history [1][2] - The company revised its organic revenue growth forecast for the year down to 3.5% to 4.5%, a significant decrease from the previous estimate of 10% [3] - Adjusted earnings per share are now expected to be between $8.50 and $8.60, down from a prior forecast of $10.15 to $10.30 [3] Company Performance - Fiserv reported third-quarter revenue of $5.2 billion, which was only a 1% increase year-over-year, missing Wall Street's estimate of $5.5 billion [3] - The company attributed its declining growth to issues in Argentina, which had previously contributed significantly to its growth rate [3] Strategic Response - Fiserv plans to implement an "action plan" focusing on improving operations through artificial intelligence and enhancing its small-business payments platform, Clover [3]
Fiserv Loses Nearly Half Its Market Cap After ‘Abysmal’ Quarter