By Connor Hart

Shares of Fiserv tumbled after Chief Financial Officer Bob Hau said the company's Clover point-of-sale platform is expected to post second-quarter volume growth similar to that of the first quarter.

The stock fell 17%, to $158.46, in afternoon trading Thursday. Shares are up 4.5% in the past year, despite having lost more than 30% of their value in the past three months.

Fiserv's stock price took a hit following its first-quarter earnings report, during which the fintech company said Clover's volume growth fell six points sequentially, to 8%. The company attributed the softer volume growth to several factors including calendar shifts relating to leap year and Easter, as well as a slowdown in travel spending in Canada, which is Clover's largest international market.

Speaking at the J.P. Morgan Global Technology, Media and Communications Conference on Thursday, Hau said that investors' reaction to the slowdown in Clover's growth was unexpected and disappointing. "And what we have learned through this is there is an intense focus on Clover volume," he added.

Looking forward, Hau said he expects Clover's performance in the current quarter to be "generally similar to the first quarter, in terms of the reported growth rate from a volume standpoint."

Despite Fiserv's expectation for another quarter of softer volume growth for Clover, Hau said the company is seeing strong hardware and revenue growth across the POS platform. "So, we remain confident in delivering on our goal of $3.5 billion of revenue by the end of the year," he said.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

May 15, 2025 14:05 ET (18:05 GMT)

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