Fiserv on track for sharpest drop on record after FY forecast slash, leadership change

Shares of payments firm Fiserv FI.N slide 42% to $73.25

Stock hits lowest in nearly seven years, on track for biggest one-day percentage drop on record

Co lowers FY revenue forecast; expects organic revenue growth of 3.5% to 4%, compared with its prior forecast of 10%

Expects adj. EPS between $8.50 and $8.60 for 2025, down from its earlier forecast of $10.15 to $10.30

Rival payments firm stocks also took a hit after Fiserv's results

FIS FIS.N fell 7.9%, Global Payments GPN.N fell 6.4%, while Block XYZ.N and Jack Henry & Associates JKHY.O were down 3.5% and 2.7%, respectively

*Brokerage William Blair downgrades stock to "market perform" from "overweight"

"The traditional fintech group is selling off, but we think Fiserv's challenges are company-specific" - William Blair

FI misses analysts' estimates on Q3 revenue and profit

Separately, co appointed Paul Todd as CFO, effective October 31, and announced transfer of its listing to Nasdaq

28 of 36 brokerages rate stock "buy" or higher, seven "hold" and one "sell"; their median PT is $163.50 - data compiled by LSEG

FI was down 65.1% YTD, including session's move