Overview
- Third-quarter adjusted EPS fell to $2.04 versus about $2.64 expected, with revenue of $4.92 billion missing forecasts and organic growth slowing to roughly 1%.
- Full-year targets were lowered to 3.5%–4% organic revenue growth and $8.50–$8.60 in adjusted EPS, down from about 10% growth and $10.15–$10.30 per share previously.
- Shares sank about 44% in their worst single-day drop on record, erasing roughly $30 billion in market value.
- Fiserv named Paul Todd chief financial officer, appointed Takis Georgakopoulos and Dhivya Suryadevara as co-presidents, outlined a One Fiserv action plan, and will switch its listing to Nasdaq in November under the ticker FISV.
- Legal pressure intensified with a pending federal class action over alleged inflated Clover growth and a new Hagens Berman investigation into whether investors were misled.