Fiserv (NASDAQ:FISV), the US payment processing giant, reported higher revenue but lower net income for the first three months of 2023 than for the same period in 2022. Total revenue was $4.55 billion, up 10% year over year. (YoY), but income fell $106 million to $576 million.
According to the press release published Tuesday, the company’s GAAP revenue increased 10% to $4.55 billion in the first quarter of 2023 compared to the same period a year earlier, with 12% growth in acceptances, 2% growth in financial technology, and 11% growth in financial technology. %. growth in the payments sectors.
GAAP principles earnings per share were $0.89, reflecting 13% year-over-year, and GAAP operating margin remained flat at 20.5% for both the first quarter of 2023 and 2023. Net cash generated from operating activities increased to $1.13 billion in the first quarter of in 2023, compared to $815 million in the previous year.
“Our strong first-quarter results reflect our leadership position and focused execution in an uncertain economic environment,” said Frank Bisignano, Chairman, President and CEO of Fiserv.
|
position |
First quarter 2023 |
First quarter 2022 |
|
Total revenue |
4547 |
4138 |
|
Total expenses |
3,613 |
3292 |
|
operating income |
934 |
846 |
|
Income before income taxes and (loss of) income from investments in unconsolidated subsidiaries |
712 |
674 |
|
net income |
576 |
682 |
Fiserv’s main financial metrics are in millions of dollars. Source: Fiserv
“Our commercial business continued to outperform, while the payments and financial technology sectors demonstrated the depth of our partnerships with our financial institution clients, providing support and innovation during a volatile period,” added Pesignanu.
Fiserv’s outlook is a strong year
In addition, the company has revised its previous forecast for 2023 and expects an 8-9% increase in organic revenue and a 12-14% increase in earnings per share to $7.30-7.40.
Bisignano mentioned that guidance for this year has been softened slightly due to the prospect of a weaker economy in the second half. The company is proud to be recognized as a leading innovator and employer during the first quarter, and remains committed to focusing on its customers, “pursuing operational excellence, and continuing to innovate.”
The company announced some changes to its executive leadership team a month ago. Jennifer Manchester, formerly Associate General Counsel, is now Director of Human Resources, and Katya Karpova, former EMEA Finance Director, has held the position of Head of EMEA. John Gibbons, who served as EMEA President, is appointed Co-Head of Banking and Eric Nelson, who was Associate General Counsel, is now Fiserv’s General Counsel.
Last year, the Nasdaq-listed payments and fintech company launched AppMarket, a solution that enables financial firms to offer fintech capabilities as an integral part of the banking experience. In addition, Fiserv confirmed the final acquisition of Finxact, a prominent provider of digital banking solutions.
Fiserv (NASDAQ:FISV), the US payment processing giant, reported higher revenue but lower net income for the first three months of 2023 than for the same period in 2022. Total revenue was $4.55 billion, up 10% year over year. (YoY), but income fell $106 million to $576 million.
According to the press release published Tuesday, the company’s GAAP revenue increased 10% to $4.55 billion in the first quarter of 2023 compared to the same period a year earlier, with 12% growth in acceptances, 2% growth in financial technology, and 11% growth in financial technology. %. growth in the payments sectors.
GAAP principles earnings per share were $0.89, reflecting 13% year-over-year, and GAAP operating margin remained flat at 20.5% for both the first quarter of 2023 and 2023. Net cash generated from operating activities increased to $1.13 billion in the first quarter of in 2023, compared to $815 million in the previous year.
“Our strong first-quarter results reflect our leadership position and focused execution in an uncertain economic environment,” said Frank Bisignano, Chairman, President and CEO of Fiserv.
|
position |
First quarter 2023 |
First quarter 2022 |
|
Total revenue |
4547 |
4138 |
|
Total expenses |
3,613 |
3292 |
|
operating income |
934 |
846 |
|
Income before income taxes and (loss of) income from investments in unconsolidated subsidiaries |
712 |
674 |
|
net income |
576 |
682 |
Fiserv’s main financial metrics are in millions of dollars. Source: Fiserv
“Our commercial business continued to outperform, while the payments and financial technology sectors demonstrated the depth of our partnerships with our financial institution clients, providing support and innovation during a volatile period,” added Pesignanu.
Fiserv’s outlook is a strong year
In addition, the company has revised its previous forecast for 2023 and expects an 8-9% increase in organic revenue and a 12-14% increase in earnings per share to $7.30-7.40.
Bisignano mentioned that guidance for this year has been softened slightly due to the prospect of a weaker economy in the second half. The company is proud to be recognized as an innovation leader and employer during the first quarter, and remains committed to focusing on its customers, “pursuing operational excellence, and continuing to innovate.”
The company announced some changes to its executive leadership team a month ago. Jennifer Manchester, formerly Associate General Counsel, is now Director of Human Resources, and Katya Karpova, former EMEA Finance Director, has held the position of Head of EMEA. John Gibbons, who served as EMEA President, is appointed Co-Head of Banking and Eric Nelson, who was Associate General Counsel, is now Fiserv’s General Counsel.
Last year, the Nasdaq-listed payments and fintech company launched AppMarket, a solution that enables financial firms to offer fintech capabilities as an integral part of the banking experience. In addition, Fiserv confirmed the final acquisition of Finxact, a prominent provider of digital banking solutions.