(Reuters) – Fiserv raised its annual profit forecast on Tuesday after the payment services firm’s third-quarter earnings nearly doubled on strong consumer spending.
Consumer spending has stayed strong even in the face of an economic slowdown as a tight labor market has helped support wage growth, while hopes for an end to the Federal Reserve’s interest rate hikes have also encouraged people to loosen their purse strings.
The company said it expects adjusted earnings of $7.47 to $7.52 per share in 2023, higher than the $7.40 to $7.50 range it forecast earlier.
Analysts expect a profit of $7.44 per share, according to LSEG IBES data.
Fiserv reported a net profit of $952 million for the three months ended Sept. 30, nearly doubling from a year earlier.
(Reporting by Niket Nishant in Bengaluru; Editing by Vinay Dwivedi)
