Fiserv Drops 5% Despite Upbeat Quarterly Results

(RTTNews) - Shares of payment and financial services technology provider, Fiserv, Inc. (FISV) are down more than 5% in the morning trade on Tuesday despite reporting better-than-expected fourth-quarter results.

The company reported net income of $333 million or $0.50 per share in the fourth quarter compared with $300 million or $0.44 per share in the same quarter a year ago.

Adjusted earnings per share was $1.57 in the fourth quarter. This compares with the average estimate of 27 analysts polled by Thomson Reuters of $1.56 per share.

Revenue for the quarter increased 11% year-over-year to $4.257 billion. The consensus estimate was for $4.03 billion.

Looking forward, Fiserv expects adjusted earnings per share in a range of $6.40 to $6.55. The consensus estimate stands at $6.44 per share.

FISV, currently at $99.90, has been trading in the range of $92.06-$127.34 in the past 52 weeks.