Fiserv (NASDAQ: FISV), the US payments processing giant, has reported higher revenue but lower net income for the first three months of 2023 when compared to the same period in 2022. Revenues totaled $4.55 billion, rising 10% year-over-year (YoY), but income fell $106 million to $576 million.

Fiserv’s Revenue Jumps in Q1 2023

According to the press release published on Tuesday, GAAP revenue for the company increased 10% to $4.55 billion in the first quarter of 2023 compared to the prior year period, with 12% growth in Acceptance, 2% growth in Fintech and 11% growth in Payments segments.

GAAP earnings per share stood at $0.89, reflecting a 13% YoY, and GAAP operating margin remained consistent at 20.5% for both the Q1 of 2023 and 2023. Net cash generated by operating activities rose to $1.13 billion in the first quarter of 2023, as opposed to $815 million in the prior year.

“Our strong first quarter results reflect our leadership position and focused execution in an uncertain economic environment,” Frank Bisignano, the Chairman, President and Chief Executive Officer of Fiserv, said.

Fiserv key financial metrics in millions $. Source: Fiserv

“Our Merchant business continued to outperform, while our Payments and Fintech segments demonstrated the depth of our financial institution client partnerships, as we provided support and innovation through a volatile period,” Bisignano added.

Fiserv Forecasts Strong Year

In addition, the company revised its previous 2023 outlook and is expecting an 8-9% increase in organic revenue as well as a 12-14% increase in earnings per share to $7.30-7.40.

Bisignano mentioned that the guidance for the year is slightly tempered by the potential for a weaker economy in the second half. The company takes pride in its recognition as a leading innovator and employer during the first quarter, and remains committed to focusing on its clients, “pursuing operational excellence, and continuing to innovate.”

The company announced some changes in its executive leadership team a month ago. Jennifer Manchester, previously the Co-General Counsel, is now Chief Human Resources Officer, Katia Karpova, the former Chief Financial Officer of EMEA, has taken the position of Head of EMEA Region. John Gibbons, who served as Head of the EMEA Region, has been appointed to Co-Head of Banking and Eric Nelson, who was Co-General Counsel, is now General Counsel for Fiserv.

Last year, the Nasdaq-listed payments and financial technology provider, launched AppMarket, a solution enabling financial companies to offer fintech capabilities as an integrated part of the banking experience. In addition, Fiserv has confirmed the finalized acquisition of Finxact, a prominent digital banking solutions provider.