Fiserv, Inc. reported its financial results for the three and nine months ended September 30, 2024, showing notable revenue growth but a decline in net income compared to the previous fiscal period. Total revenue for Q3 2024 reached $5,215 million, a 7.0% increase from $4,873 million in Q3 2023. For the nine-month period, revenue was $15,205 million, up 7.3% from $14,176 million in the same period last year. The growth was driven by increases in both processing and services revenue, which rose to $4,237 million in Q3 2024 from $4,008 million in Q3 2023, and product revenue, which increased to $978 million from $865 million.
Operating income for Q3 2024 was $1,602 million, reflecting a 6.6% increase from $1,503 million in Q3 2023. However, net income for the same quarter fell significantly to $571 million, down 41.0% from $969 million in Q3 2023. This decline was attributed to a non-cash impairment charge of $570 million related to an equity method investment in Wells Fargo Merchant Services, which was recorded during the quarter. For the nine months ended September 30, 2024, net income was $2,232 million, a slight decrease from $2,240 million in the prior year.
The company’s strategic developments included the acquisition of Skytef Solucões em Captura de Transações Ltda and Sled S.A. for a total of $34 million, aimed at enhancing its Merchant segment capabilities. Additionally, Fiserv sold its financial reconciliation business for $232 million in July 2023, realizing a pre-tax gain of $177 million. The company also underwent a segment realignment effective Q1 2024, categorizing its operations into Merchant Solutions and Financial Solutions to improve operational performance.
On the balance sheet, total assets decreased to $79,792 million as of September 30, 2024, from $90,890 million at the end of 2023, while total liabilities increased, leading to a rise in long-term debt to $24,085 million from $22,363 million. Cash and cash equivalents were reported at $1,228 million, slightly up from $1,204 million at the end of 2023.
Overall, while Fiserv experienced revenue growth and improved operating income, the significant impairment charge impacted net income, reflecting challenges in the current economic environment and strategic adjustments within the company.
About FISERV INC
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