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Fiserv Reports Solid First-Quarter Results

Fiserv Reports Solid First-Quarter Results

Fiserv reported first quarter 2014 results, which we characterize as modestly better than expectations. Adjusted internal revenue grew 5.6% year-over-year, compared with our estimate of 3.8% growth. The payments segment grew 8.5%, while the financial segment grew 2.7%, with both coming in above  estimates. The adjusted operating margin was 29.6%, an improvement of 120 basis

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