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."
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."
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.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Mastercard and Nigeria's Access Bank Partner to Launch New Cross-Border Payment Solution
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
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π LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
π£ Stay updated with the latest in finance and trading!
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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