WASHINGTON (AP) -- Fiserv shares careened to their lowest level in more than five years Wednesday after the fintech payment company badly missed Wall Street's profit targets, lowered its forecast and announced a shake-up in leadership.
The company, which owns the point-of-sale business management platform Clover, cut its full-year revenue growth outlook to between 3.5% and 4%, down from the 10% it projected just three months ago. The company now expects 2025 profit-per-share to come in between $8.50 and $8.60 per share, down from previous guidance of $10.15 to $10.30 per share.
In its third-quarter results released Wednesday, Fiserv posted earnings of $2.04 per share, well below the $2.64 analysts targeted. Revenue of $4.9 billion missed Wall Street forecasts by 8%.
Fiserv shares tumbled nearly 41% in morning trading to $74.14, their biggest ever one-day drop. They've lost nearly 70% of their value since hitting a 2025 high of nearly $238 in early March.
"Our current performance is not where we want it to be nor where our stakeholders expect it to be," said CEO Mike Lyons. He was appointed CEO in May.
In a conference call with investors, Lyons pinned the missed performance in part on slowing cyclical growth in Argentina and the impacts of certain deferred investments.
"One of the key takeaways from our analysis is that Fiserv's growth and margin targets need to be reset," he said.
The Milwaukee-based company also announced a five-point "action plan" in an attempt to put Fiserv back on track, along with changes to its board and corporate leadership.
Paul Todd, who previously served as CFO of Global Payments, was appointed chief financial officer, effective Friday. Todd succeeds Bob Hau, who will serve as an adviser through the first quarter of 2026.
Takis Georgakopoulos, Fiserv's current COO of Technology and Merchant Solutions, will serve with Dhivya Suryadevara as copresidents on the company's board effective Dec. 1. Suryadevara comes from UnitedHealth Group's Optum Financial Services, where she was CEO.
Gordon Nixon, Céline Dufétel, and Gary Shedlin will also join the Fiserv board of directors on Jan. 1. Nixon will take over as non-executive chairman of the board.
Fiserv also said it intends to move its listing from the New York Stock Exchange back to the technology-focused Nasdaq, with the expectation that shares will begin trading on Nov. 11 under the ticker symbol "FISV." It had moved to the NYSE just two years ago.
