Revenue increased by 129 per cent year on year for the second quarter.
Fiserv, Inc., a Payments 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 companyβs 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.
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 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 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 companyβs 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.
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 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.
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.
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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.
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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.
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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
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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.
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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.
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