Fiserv (NASDAQ: FISV) booked a $6.45 billion non-cash goodwill write-down, which turned third-quarter GAAP earnings into a loss of $11.17 per share. Shares rose about 10% in pre-market trading. Behind the charge, organic revenue was flat and adjusted earnings fell to $1.75 from $2.04, so profit is shrinking faster than revenue. The affirmed full-year guidance now needs a clear revenue turn in the fourth quarter. Costs are rising while sales stall. Adjusted operating income fell 17% while revenue barely moved, and most of that loss sits in Merchant Solutions, the card-acceptance and Clover business. Adjusted earnings leave out a lot. Fiserv has excluded nearly $500 million of One Fiserv transformation costs this year, covering technology modernization, consulting, and retention pay. Multi-year costs that recur each quarter are part of what the business really earns.
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