Fiserv, Inc. (NASDAQ: FISV), an old-school Fintech that has been offering services since about 1984, reported earnings that beat analyst expectations. Shares in Fiserv have responded positively to the news, trading higher at around $104 today, having traded at about $97 at the beginning of the week.
According to Fiserv, GAAP revenue for the company increased by 10% during both Q2 as well as for the first half of the year or $4.45 billion in Q2 2022 compared to the prior year period and $8.59 billion in the first six months of 2022.
GAAP earnings per share were $0.92 in the second quarter and $1.94 in the first six months of 2022, an increase of 130% and 128%,
Frank Bisignano, Chairman, President and Chief Executive Officer of Fiserv, commented:
“Our second quarter results were strong, with double-digit organic revenue and adjusted earnings per share growth. These results put us above the high end of our full year guidance range for organic revenue growth and at the high end of our adjusted earnings per share range on a year to date basis. We achieved these results while continuing to invest for sustainable growth.”
Fiserv raised full-year guidance to a growth rate of 9% to 11% and an EPS of $6.45 to $6.55 or an increase of 16% to 17%.
Fiserv closed on the acquisition of Finxact, a developer of cloud-native banking solutions in April.
During the earnings call, Fiserv said its “current implementation and sales pipeline remains very robust.”