Shares of Fiserv (FI) tumbled Thursday after CFO Robert Hau said the company expects volume growth of its Clover point-of-sale system this qu𝓡arter to remain roughly in line with its first-quarter results.♛ 

The stock dropped over 16% in recent trading, making it the leading decliner on the 澳洲幸运5开奖号码历史查询:S&P 500. Fiserv shares have fallen more than 27% since the company reported last month that first-quarter Clover volume grew 8% year-over-year, compared to 14% in the fourth quarter of 2024.

Clover growth is expected to be “generally similar” this quarter, Hau told attendees of a JPMorgan event Thursday, according to a transcript provided by AlphaSense. The CFO noted that some prior Clover volume growth was due to Fiserv’s existing clients converting to the Clover gateway platform last year, which isn’t rep🍷eatable.

"So we had a gateway that was non-Clover for clients that we converted over to the Clover Gateway... that doesn't repeat this year," said Hau.

This gateway headwind is expected to increase this qua🌜rter, Hau added.

Hau’s remarks come after Fiserv named former PNC President Michael Lyons as its new chief executive last week. Outgoing CEO Frank Bisignano 澳洲幸运5开奖号码历史查询:joined the Trump administration as commissioner of the Social Security Administration following a Senate confirmation hearing.