Fiserv Sees Boost to Q2 and H1 Revenues, Driven by First Data Acquisition
- Revenue increased by 129 per cent year on year for the second quarter.
Fiserv, Inc., a Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term and financial technology solutions provider, has published its financial results for the second quarter and the first half of 2020 this week, revealing a solid increase in revenues and net income.
For the second quarter of 2020, the tech provider reported GAAP revenue of $3.47 billion earlier today. Against the same period of the previous year, this is a substantial increase of 129 per cent. For the first six months of the year, revenue was $7.23 billion, which was greater than 140 per cent year on year.
Contributing to revenues during Q2 and H1 of 2020 was the company’s acquisition of First Data businesses. This added $1.22 billion and $2.62 billion towards revenue, respectively.
Fiserv posted $2 million in net income for the second quarter, with earnings per share coming in at $0.00. This represents a crash of 100 per cent from the second quarter of 2019.
EPS Falls YoY for Fiserv
For the first half of the year, net income of $394 million was recorded, and earnings per share of $0.57. Similar to the second quarter, this is weaker on a yearly comparison. In this instance, it was lower by 49 per cent.
Frank Bisignano, CEO of Fiserv
Source: Fiserv
Commenting on the results, Frank Bisignano, President and Chief Executive Officer of Fiserv said in the statement: "We demonstrated the strength and resilience of our business model during the quarter, producing significant free cash flow while delivering value for our clients. Our results also included excellent sales performance which provides strong market momentum entering the second half of the year.
Most important, we are incredibly proud of our people who have displayed unwavering stamina, commitment and courage as we navigate the uncharted waters of a rapidly changing world."
Net cash generated by operating activities increased by 400 per cent year on year to reach $1.03 billion in the second quarter. For H1 of 2020, this figure was $1.92 billion, which was a strong surge of more than 231 per cent. This uptick is primarily attributable to the Acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term of First Data.
"Given the strength of the results to date and improving performance trends around the world, we expect to deliver our 35th consecutive year of double digit adjusted earnings per share growth and are well-positioned for 2021," added Bisignano.
Fiserv, Inc., a Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term and financial technology solutions provider, has published its financial results for the second quarter and the first half of 2020 this week, revealing a solid increase in revenues and net income.
For the second quarter of 2020, the tech provider reported GAAP revenue of $3.47 billion earlier today. Against the same period of the previous year, this is a substantial increase of 129 per cent. For the first six months of the year, revenue was $7.23 billion, which was greater than 140 per cent year on year.
Contributing to revenues during Q2 and H1 of 2020 was the company’s acquisition of First Data businesses. This added $1.22 billion and $2.62 billion towards revenue, respectively.
Fiserv posted $2 million in net income for the second quarter, with earnings per share coming in at $0.00. This represents a crash of 100 per cent from the second quarter of 2019.
EPS Falls YoY for Fiserv
For the first half of the year, net income of $394 million was recorded, and earnings per share of $0.57. Similar to the second quarter, this is weaker on a yearly comparison. In this instance, it was lower by 49 per cent.
Frank Bisignano, CEO of Fiserv
Source: Fiserv
Commenting on the results, Frank Bisignano, President and Chief Executive Officer of Fiserv said in the statement: "We demonstrated the strength and resilience of our business model during the quarter, producing significant free cash flow while delivering value for our clients. Our results also included excellent sales performance which provides strong market momentum entering the second half of the year.
Most important, we are incredibly proud of our people who have displayed unwavering stamina, commitment and courage as we navigate the uncharted waters of a rapidly changing world."
Net cash generated by operating activities increased by 400 per cent year on year to reach $1.03 billion in the second quarter. For H1 of 2020, this figure was $1.92 billion, which was a strong surge of more than 231 per cent. This uptick is primarily attributable to the Acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term of First Data.
"Given the strength of the results to date and improving performance trends around the world, we expect to deliver our 35th consecutive year of double digit adjusted earnings per share growth and are well-positioned for 2021," added Bisignano.