Fiserv Shares Surge 12% Following Third Quarter Earnings Beat
Fiserv (FISV) saw its stock price jump nearly 13% on Tuesday after reporting third-quarter earnings that exceeded analyst expectations. While adjusted revenue fell 1% year-over-year to $4.85 billion and adjusted net income dropped 15% to $936 million, the company's bottom line of $1.75 per share outperformed the consensus estimate of $1.72. Investor confidence was bolstered by signs of stabilization in the banking customer segment and management's decision to double its 'Project Elevate' cost-saving target from $500 million to $1 billion. Additionally, Fiserv announced it would resume its share repurchase program with a $500 million buyback goal for the fourth quarter. Despite year-over-year declines, the company maintained its full-year 2026 organic revenue and adjusted EPS guidance.
Topics: earnings beat fintech net income revenue decline share buyback