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Fiserv nearly doubles net during first six months of year
July 29, 2008
BROOKFIELD, Wis. — Fiserv Inc. nearly doubled its net income during the first half of 2008, namely, the company says, because of its second quarter acquisition of CheckFree.
Fiserv's net forthe first six months came in at $428 million, up 93 percent from the $222 million the company netted during the first half of 2007.
"Our strong results in the quarter once again demonstrated the resiliency of our business model anchored by stable, recurring revenues and expense leverage," said Jeffery Yabuki, president and chief executive of Fiserv. "In addition to delivering on our earnings commitments, our integration activities are progressing well, leading to increasingly more attractive market opportunities. We are very pleased with our progress to date and remain optimistic about our full-year results."
For the quarter, net income was down 8 percent, totaling $99 million.
From a revenue perspective, the second quarter saw growth, coming in 38 percent higher than 2Q 2007 at $1.3 billion. For the first six months, revenue was $2.61 billion, compared to $1.88 billion in 2007.
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