Fiserv Stock Plunges 47% as Results Confound Wall Street (1)

Fiserv Inc. stock suffered a record plunge after the fintech slashed its outlook for full-year earnings and unveiled third-quarter results that confounded Wall Street analysts.

Chief Executive Officer Mike Lyons, who took the reins in February, said he discovered that Fiserv wasn’t going to be able to deliver on its previous promises to investors after he undertook a broad-based review of the business in recent months.

Lyons on Wednesday replaced the firm’s longtime chief financial officer, and unveiled sweeping changes to the company’s other top leadership and board of directors. It’s a major shakeup at the company that was ...