Fiserv, Inc. (NASDAQ:FISV), a global provider of payments and financial services technology solutions, today reported financial results for the first quarter of 2023.

GAAP revenue for the company increased 10% to $4.55 billion in the first quarter of 2023 compared to the prior year period, with 12% growth in the Acceptance segment, 2% growth in the Fintech segment and 11% growth in the Payments segment.

GAAP earnings per share was $0.89 in the first quarter of 2023, a decrease of 13% compared to the prior year period. The first quarter of 2022 included a $91 million pre-tax net gain related to certain equity investment transactions. GAAP operating margin was 20.5% in both the first quarter of 2023 and 2022.

Net cash provided by operating activities was $1.13 billion in the first quarter of 2023 compared to $815 million in the prior year period.

“Our strong first quarter results reflect our leadership position and focused execution in an uncertain economic environment,” said Frank Bisignano, Chairman, President and Chief Executive Officer of Fiserv. “Our Merchant business continued to outperform, while our Payments and Fintech segments demonstrated the depth of our financial institution client partnerships, as we provided support and innovation through a volatile period.”

Fiserv raised full year 2023 outlook and now expects organic revenue growth of 8% to 9% and adjusted earnings per share of $7.30 to $7.40, representing growth of 12% to 14%.

“We raised our 2023 organic revenue and adjusted EPS guidance based on our strong first quarter results. Our guidance for the year is tempered only by the potential for a weaker, second-half economy,” said Bisignano. “We are proud of the recognition we received as a leading innovator and employer in the first quarter, and remain focused on our clients, pursuing operational excellence, and continuing to innovate.”