Fiserv shares took a dive this week, despite the firm beating analysts’ expectations for its third-quarter results after it revealed that it has lost a “large processing client”, understood to be Stripe.
Shares in Fiserv fell about 10 percent on Wednesday and could not recover a week after the company told investigators at a meeting that it had lost its owner.
The client, who was not named by Fiserv, was spotted by Mizuho Securities expert Dan Dolev of Stripe.
Dolev defended Fiserv’s trading platform but said, according to Nasdaq: “However, we are concerned about the decline in e-comm volumes, which we speculate are caused by Stripe’s intrusion. Note that although most of the results are objective, the attraction is.
While the news could affect Fiserv’s price, analysts are still optimistic about the share, with strong sales, Nasdaq said.
For the quarter, Fiserv improved wages with another $ 1.47 share, over which Street expectations of $ 1.45 and $ 1.20 were reported in the same period last year.