For Fiserv, eCommerce tailwinds continue to buoy results, with Clover increasing double-digit percentage points year over year.
In terms of the headline numbers for its fourth-quarter earnings, the company’s 11% top-line growth brought revenues to $4 billion, slightly higher than consensus. Adjusted earnings per share, at $1.57, were two pennies better than expected.
Supplemental materials released by the company on Tuesday (Feb. 8) in tandem with earnings show that within the Merchant Acceptance segment, revenues were up 18%, to $1.7 billion, and global merchant volumes and transaction growth were up a respective 22% and 18% in the quarter. The segment logged 19% eCommerce growth in the quarter, according to the company.
Clover’s growth was 50% in the fourth quarter to an annualized $201 billion run rate. ISV volume growth topped 64% in the quarter.
In the Payments and Network segment, organic revenue growth stood at 8% to $1.5 billion. Debit transactions gained 14%; Fiserv saw 71% growth in Zelle transactions in the quarter.
The Financial Technology segment’s revenue growth was 4% in the period, to $771 million.
On the conference call with analysts, CEO Frank Bisignano said that “the demand for omnichannel solutions persisted through 2021, demand for our integrated solutions, such as disbursements and payback enablement, EBT, and other digital capabilities, rose to an all-time high.”
Disbursements, he added, “have become an important part of the consumer experience in many verticals through the pandemic.”Bisignano said on the call that specifically, the growth in Clover will happen both in the U.S. and then in its global expansion.Within the issuer business, according to commentary on the call, the company saw “notable strength” in general-purpose active accounts, which are now running ahead of pre-pandemic levels. Bisignano said that “our card business continues to provide growth above the segment average from strength in digital risk solutions, debit network […]
I am a robot. This article is curated from another source (e.g. videos, images, articles, etc.). For the complete article please use the link provided to visit the original source or author. Content from other websites behaves in the exact same way as if the visitor has visited the other website.
Warning: The views and opinions expressed are those of the authors and do not necessarily reflect the official policy or position of MichelPaquin.com.