Fiserv lowered its annual revenue and margin forecasts citing Argentina pressures and delayed client projects despite $1 billion in free cash flow.
Fiserv reported second-quarter adjusted revenue of $4.96 billion, down 4% year-over-year, as organic revenue declined 5%. The company attributed the drop to Argentina-related pressures, delayed client implementations, and weaker hardware sales trends, prompting a reduction in its full-year outlook.
Recurring revenue grew 2% and accounted for 84% of adjusted revenue, while adjusted operating income reached nearly $1.6 billion. CEO Takis Georgakopoulos described 2024 as a transition year with near-term noise but no structural business changes.
Clover payments platform performance remained strong, with gross payment volume up 9% and revenue rising 13% after adjustments. Free cash flow exceeded $1 billion for the quarter.