Fiserv Reports Revenue of $9.3B in H1 2023, but Net Income Drops
- Fiserv reported Q2 2023 GAAP revenue growth of 7% and adjusted EPS increase of 16%.
- Having updated the 2023 outlook, the firm anticipates organic revenue growth between 9%-11%.
Financial services technology solutions provider Fiserv (NYSE: FI) has unveiled its financial results for Q2 2023. The publicly-listed company has increased its overall revenue and organic revenue growth outlook, marking another uptick in its projected performance.
Fiserv Reported Q2 2023 Results
Fiserv reported an increase of 7% in GAAP revenue for Q2 2023, bringing the total to $4.76 billion, which is up from the prior year's revenue of $4.45 billion. This growth was primarily driven by the Acceptance and Payments segments, with increases of 9% and 8%, respectively.
However, the Fintech segment experienced a slight decrease, reporting a drop of 2% in revenue. GAAP earnings per share (EPS) also saw a significant boost, rising 20% to $1.10 for the quarter and 3% to $1.99 for H1 2023 compared to the same period in 2022.
"We delivered our ninth consecutive quarter of double-digit organic revenue growth, as we sustained our momentum in merchant acceptance and expanded our digital payments proposition for financial institutions," Frank Bisignano, the Chairman, President and Chief Executive Officer of Fiserv, commented. He added that the company's broad range of products and clients continues to drive its "standout performance."
It's @Fiserv's lucky day 🍀 CEO Frank Bisignano takes us through the growth he's seeing in @clovercommerce on the heels of a Q2 earnings beat. pic.twitter.com/3c3Wv6aCbe
— Squawk on the Street (@SquawkStreet) July 26, 2023
On top of that, the company reported an increase in total revenue for H1 2023 to $9.3 billion, which is up from $8.5 billion reported in the previous year. The net profit was $695 million for Q2 2023 and $1.27 billion for H1 2023. Although it significantly increased on a quarterly basis, it noted a modest decrease of $20 million on a semiannual basis.
Fiserv Has Updated Outlook for 2023
In light of strong Q2 results, Fiserv has updated its full-year outlook for 2023. The company now predicts organic revenue growth of between 9% and 11%, with adjusted earnings per share forecasted to be in the range of $7.40 to $7.50. This marks a growth of 14% to 16%.
"Our actions to invest, integrate and innovate have resulted in strong demand for our products and greater productivity for our associates," Bisignano concluded.
Last year, the company launched AppMarket. This innovative solution allows financial companies to integrate fintech capabilities into their banking services. Furthermore, Fiserv has successfully acquired Finxact, a leading provider of digital banking solutions.
Financial services technology solutions provider Fiserv (NYSE: FI) has unveiled its financial results for Q2 2023. The publicly-listed company has increased its overall revenue and organic revenue growth outlook, marking another uptick in its projected performance.
Fiserv Reported Q2 2023 Results
Fiserv reported an increase of 7% in GAAP revenue for Q2 2023, bringing the total to $4.76 billion, which is up from the prior year's revenue of $4.45 billion. This growth was primarily driven by the Acceptance and Payments segments, with increases of 9% and 8%, respectively.
However, the Fintech segment experienced a slight decrease, reporting a drop of 2% in revenue. GAAP earnings per share (EPS) also saw a significant boost, rising 20% to $1.10 for the quarter and 3% to $1.99 for H1 2023 compared to the same period in 2022.
"We delivered our ninth consecutive quarter of double-digit organic revenue growth, as we sustained our momentum in merchant acceptance and expanded our digital payments proposition for financial institutions," Frank Bisignano, the Chairman, President and Chief Executive Officer of Fiserv, commented. He added that the company's broad range of products and clients continues to drive its "standout performance."
It's @Fiserv's lucky day 🍀 CEO Frank Bisignano takes us through the growth he's seeing in @clovercommerce on the heels of a Q2 earnings beat. pic.twitter.com/3c3Wv6aCbe
— Squawk on the Street (@SquawkStreet) July 26, 2023
On top of that, the company reported an increase in total revenue for H1 2023 to $9.3 billion, which is up from $8.5 billion reported in the previous year. The net profit was $695 million for Q2 2023 and $1.27 billion for H1 2023. Although it significantly increased on a quarterly basis, it noted a modest decrease of $20 million on a semiannual basis.
Fiserv Has Updated Outlook for 2023
In light of strong Q2 results, Fiserv has updated its full-year outlook for 2023. The company now predicts organic revenue growth of between 9% and 11%, with adjusted earnings per share forecasted to be in the range of $7.40 to $7.50. This marks a growth of 14% to 16%.
"Our actions to invest, integrate and innovate have resulted in strong demand for our products and greater productivity for our associates," Bisignano concluded.
Last year, the company launched AppMarket. This innovative solution allows financial companies to integrate fintech capabilities into their banking services. Furthermore, Fiserv has successfully acquired Finxact, a leading provider of digital banking solutions.