(Reuters) - Fiserv missed Wall Street's revenue estimates for the first quarter on Thursday. This was due to slowing demand in its payment processing unit, which caused the company's share price to fall about 7% in pre-market trading.
With concerns about a potential economic slowdown due to the Trump administration's trade policies impacting transaction volumes, US consumers have started to cut back on spending on non-essential goods.
Wisconsin-based Fiserv charges fees to merchants, banks and credit unions for processing payments and transactions.
Processing revenue from the company's merchant solutions division fell 9% to $276 million in the first quarter, while total revenue from the merchant solutions division rose 5.3% to $2.37 billion.
Fiserv reported adjusted revenue of $4.79 billion, compared with the average analyst estimate of $4.84 billion, according to data compiled by LSEG.
On an adjusted basis, the company earned $2.14 per share, beating estimates of $2.08.
(Reporting by Prakhar Srivastava in Bengaluru; Editing by Shounak Dasgupta)
https://finance.yahoo.com/news/fiservs-quarterly-revenue-misses-slowdown-121751131.html
