TLDRFiserv stock jumps 13.94% to $59.17 following its third-quarter earnings report.Fiserv doubles its Project Elevate savings target to $1 billion from $500 million.The company plans to repurchase $500 million of shares in the fourth quarter.Fiserv reports $5.20 billion in quarterly revenue, down 1% year over year.Fiserv reaffirms its 2026 organic revenue and adjusted EPS financial outlook.Fiserv (FISV) Stock climbed 13.94% to $59.17, gaining $7.24 during the trading session. The rally followed the company’s third-quarter 2026 earnings report, which highlighted higher cost-saving targets and plans for a substantial share repurchase. Meanwhile, Fiserv reaffirmed its 2026 financial outlook despite declining revenue and a significant goodwill impairment charge.Fiserv, Inc., FISVFiserv Reports Third-Quarter Revenue Decline and Goodwill ImpairmentFiserv reported third-quarter GAAP revenue of $5.20 billion, representing a 1% decline from the previous year. However, organic revenue remained flat as the company recorded different performances across its two main business segments. Merchant Solutions revenue declined 3%, while Financial Solutions revenue remained unchanged during the quarter.Fiserv recorded a GAAP loss per share of $11.17, compared with its adjusted earnings per share of $1.75. The company recognized a non-cash goodwill impairment charge of $6.45 billion during the reporting period. This charge significantly affected its reported operating performance and contributed to the quarterly accounting loss.Fiserv generated $15.52 billion in GAAP revenue during the first nine months of 2026, marking a 2% annual decline. Its Merchant Solutions revenue decreased 1%, while Financial Solutions revenue dropped 4% over the same period. Furthermore, operating cash flow reached $3.09 billion, compared with $4.12 billion during the first nine months of 2025.Fiserv Raises Project Elevate Savings Target to $1 BillionFiserv increased its Project Elevate savings target to $1 billion, doubling its previous $500 million estimate. The company identified additional operational efficiencies following a comprehensive review of its business portfolio. Consequently, the expanded programme reflects its efforts to simplify operations and improve organizational efficiency.The initiative also supports Fiserv’s broader strategy of reducing expenses while strengthening its technology capabilities. Management highlighted an AI-everywhere approach as part of its operational priorities. Meanwhile, the company reported improving banking client retention, with net attrition declining more than 25% year to date.Fiserv also highlighted continued underlying growth within its Clover business and increasing momentum across its merchant platform. Major client wins have started contributing to business activity as the company advances its operational strategy. These developments provide additional context for the increased Project Elevate savings target and its focus on long-term efficiency.Fiserv Plans $500 Million Share Buyback in Fourth QuarterFiserv expects to repurchase $500 million of its common stock during the fourth quarter of 2026. The planned purchases will take place under the company’s existing share repurchase authorization. This announcement adds a capital return component to its broader restructuring and operational efficiency strategy.The company also reaffirmed its 2026 organic revenue and adjusted earnings per share outlook. However, its third-quarter adjusted revenue reached $4.85 billion, representing a 1% annual decline. Adjusted operating margin also fell to 31.2%, compared with 37.0% during the corresponding quarter of 2025.Fiserv recorded adjusted earnings per share of $1.75 for the third quarter and $5.38 for the first nine months. However, free cash flow declined to $2.04 billion from $2.88 billion during the comparable nine-month period. Against this financial backdrop, Fiserv (FISV) Stock advanced 13.94%, as the company outlined its savings expansion and upcoming share repurchase plans. The post Fiserv (FISV) Stock: Jumps 14% as Company Raises Project Elevate Savings Target to $1B and Plans $500M Buyback appeared first on Blockonomi.