US Stock Market Move | Q3 performance falls short of expectations, FI.US financial services plummet by 44%, marking the largest drop in history.

On Wednesday, Fiserv (FI.US) opened with a sharp drop of 44%, hitting a historical record low of $70.69. On the news front, the company's third-quarter GAAP revenue increased by 1% year-on-year to $5.26 billion, with an adjusted earnings per share of $2.04, both of which were below expectations. The adjusted revenue was $430 million lower than estimated, and the earnings per share was $0.61 lower than expected. The company also significantly revised down its full-year performance guidance, reducing the adjusted earnings per share forecast from the previous $10.15-10.30 to $8.50-8.60, and lowering the full-year organic revenue growth forecast to 3.5%-4%. Additionally, the company announced the appointment of a new CFO and co-president, and launched the One Fiserv transformation action plan. The CEO stated that the current business performance has not met expectations.