Fiserv Q1 Profit Down, Expects Revenue Growth In FY23

(RTTNews) - Fiserv, Inc. (FISV) Tuesday announced a 13 percent decline in first-quarter earnings per share, despite revenue growth of 10 percent. The company expects 2023 organic revenue growth outlook in a range of 8-9 percent.

The company reported a quarterly profit of $563 million or $0.89 per share, down from $669 million or $1.02 per share last year. On an adjusted basis, earnings were $1.58 per share. On average, 27 analysts polled by Thomson Reuters expected the company to earn $1.57 per share. Analysts estimates usually exclude special items.

Revenue for the quarter increased to $4.547 billion, from $4.138 billion in the prior year. Analysts expected $4.19 billion.

Looking ahead to the full year 2023, the company expects organic revenue growth of 8-9 percent, while adjusted revenue is expected to grow 5-6 percent.