Representative Byron Donalds sold up to $15,000 worth of shares in Fiserv ($FI) on September 4th, just weeks before the financial technology company’s stock plummeted following a disappointing third-quarter earnings report. Donalds serves on the House Financial Services Committee, which oversees sectors including banking and fintech.
- Fiserv’s stock fell 44% on October 29th — its worst single-day decline on record — after the company slashed its full-year earnings outlook and announced major leadership changes.
- The company now expects adjusted earnings between $8.50 and $8.60 per share, down from prior guidance of $10.15 to $10.30.
- Revenue is projected to grow 3.5% to 4%, significantly below earlier expectations of 10% growth.
- CEO Mike Lyons attributed the slowdown to macroeconomic challenges, including Argentina’s worsening economic environment.
- Fiserv reported adjusted EPS of $2.04, missing analyst estimates of $2.64, and revenue of $4.92 billion, below forecasts of $5.36 billion.
- In response, the company announced a series of executive changes and will shift its stock listing from the NYSE to the Nasdaq under the symbol “FISV.”
Relevant Companies
- Fiserv ($FI) — Shares have fallen over 50% since early September following a lowered outlook and management shakeup.
Editor’s Note: This is a developing story. This article may be updated as more details become available.
