Fiserv’s stock plummeted 44% due to a cut in earnings outlook and leadership team changes. Adjusted earnings for the year now expected at $8.50 to $8.60 per share, down from previous guidance. Revenues anticipated to grow 3.5% to 4%, a decrease from prior estimate of 10%.

Third-quarter adjusted earnings at $2.04 per share missed FactSet estimate of $2.64. Revenues increased 1% to $4.92 billion, falling short of the $5.35 billion forecast. Net income rose to $792 million from $564 million in the same period last year. Executives and board changes were also announced.

Takis Georgakopoulos and Dhivya Suryadevara will serve as co-presidents, and Paul Todd was promoted to finance chief. Gordon Nixon, Céline Dufétel, and Gary Shedlin will join the board in 2026. Fiserv plans to move its stock to the Nasdaq next month, aiming for sustainable growth and long-term success.

CEO Mike Lyons stated the company has room for improvement and expressed confidence in the new leadership team. Fiserv’s action plan is designed to drive high-quality growth and maximize its potential. The Wisconsin-based company did not respond to CNBC’s request for comment.

Read more at CNBC: Fiserv stock craters 44% toward worst day ever after slashing guidance