Payment services provider Fiserv on Oct. 29 slashed its full-year fiscal guidance downward and reorganized its executive leadership team after announcing disappointing third-quarter earnings, moves that sent its share price plummeting.
Fiserv’s shares shed billions in value on the news. The stock fell 44.04 percent at the market close to $70.60, down about 70 percent from its 52-week high of $238.
“Our current performance is not where we want it to be nor where our stakeholders expect it to be,” said Mike Lyons, the Milwaukee-based company’s CEO.
Fiserv adjusted its full-year adjusted earnings outlook to a range of $8.50 to $8.60 per share. Forecasts called for adjusted earnings of $10.15 to $10.30 per share. The company expects organic revenue growth of 3.5 percent to 4 percent, far short of forecasted estimates of 10 percent….