BROOKFIELD, Wis. Fiserv reported a 6% decline in second quarter profits, as it experienced high cost of processing and services and increased income tax expense.
Fiserv reported $151 million in net income for the quarter, down from $161 million for the same period last year. That includes a $52 million increase in cost of processing and services and a $21 million increase in income tax expenses.
Second quarter revenue was up 10% to $1.2 billion.
Second quarter highlights include the signing of five new DNA core processing clients and a $122-million cash distribution in the quarter from StoneRiver Group, L.P., a joint venture in which the company owns a 49% interest.
For the first six months of the fiscal year Fiserv reported an 8% increase in revenue to $2.35 billion, and a 9% decline in net income to $268 million.
