Fiserv 4Q Net Up, Sees Organic Revenue Growth Accelerating in '24
By Rob Curran
Fiserv Inc. said fourth-quarter net income rose 11% and the provider of services to banks and financial companies projected an acceleration in 2024 organic revenue growth.
The Brookfield, Wisc., financial-technology concern logged fourth-quarter earnings of $870 million, or $1.45 a share, up from $782 million, or $1.23 a share, a year earlier.
On an adjusted basis, Fiserv posted fourth-quarter earnings of $2.19 a share, topping the average analyst estimate of $2.15 a share, as tallied by FactSet.
Fourth-quarter revenue rose 6.2% to $4.92 billion, topping the average Wall Street target of $4.68 billion, as per FactSet.
The company forecast 2024 adjusted earnings in a range between $8.55 and $8.70 a share. For 2023, the company posted earnings of $4.98 a share.
Fiserv projected organic revenue growth, which excludes the impact of foreign exchange, in a range between 15% and 17% from 2023 levels. For 2023, the fintech company posted revenue of $19.09 billion, which represented organic revenue growth of 12%.
Digital payments boomed during the pandemic, and for much of the last two years. Amazon.com and other online merchants have indicated a slowdown in business more recently.
Write to Rob Curran at rob.curran@wsj.com
(END) Dow Jones Newswires
February 06, 2024 07:51 ET (12:51 GMT)
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