Fiserv Reports Strong Q3 2022 Growth, Raises Full-Year Outlook
Fiserv, a leading global provider of payments and financial services technology, has reported robust growth in the third quarter of 2022. The company's adjusted revenue increased by 8% to $4.27bn, driven by strong performance across its segments. Fiserv also raised its full-year 2022 organic revenue growth outlook to 11%.
Fiserv's payments and network segment led the growth, with an 18% increase in credit active accounts in North America and a 34% surge in Zelle transactions, accompanied by a 48% rise in clients. The segment's adjusted operating margin improved by 1.9% to 45.9% year-over-year (YoY).
The acceptance segment grew by 14%, the payments segment by 11%, and the fintech segment by 1% in Q3 2022. Over the first nine months of the year, adjusted revenue increased by 9% to $12.41bn. Clover and Carat, two of Fiserv's key platforms, saw impressive revenue growth of 19% and 18% respectively.
Fiserv's merchant acceptance business also performed well, with a 10% increase in merchant volume and a 5% rise in transactions. The company attributed this growth to merchants seeking full-service providers amidst an uncertain macro environment.
Fiserv's strong Q3 results and increased full-year growth outlook reflect the company's ability to navigate market challenges and capitalize on opportunities. With robust growth across its segments and key platforms, Fiserv continues to solidify its position as a leading provider of payments and financial services technology.
Read also:
- U.S. CBP's Operation Plaza Spike Boosts Fentanyl Seizures Along Arizona-Mexico Border
- Regensburg Court Sentences Pizza Delivery Owner for Illegal Employment, Tax Evasion
- Tesla's EV Market Share Plummets in Europe, US Competition Intensifies
- Catastrophe at a U.S. Steel facility in Pennsylvania results in the loss of two lives. crucial details unveiled
