BROOKFIELD, Wis._Financial technology company Fiserv Inc. on Wednesday reported better-than-expected second quarter profit as costs declined and the company sold a majority stake in its insurance business.

The company said its net income for the three months ended June 30 rose to $140 million, or 90 cents per share, from $100 million, or 60 cents per share, a year earlier. Operating margin improved on better business mix and cost controls.

Revenue fell 26 percent to $1.03 billion from $1.29 billion. Excluding the insurance business, sales dipped 3 percent to $983 million from $1.02 billion, mainly due to a decline in its home equity loan processing business.

The company said in mid-July that it sold a 51 percent stake in Fiserv Insurance Solutions Inc. to a private equity fund for net proceeds of $510 million.

Analysts surveyed by Thomson Reuters were expecting second-quarter earnings of 88 cents per share on slightly higher revenue of $1.04 billion.

The company affirmed its full-year expectations for earnings from continuing operations to grow 10 percent to 14 percent to $3.61 to $3.75 per share. Full-year adjusted internal revenue is seen in a range between a decline of 2 percent and a gain of 1 percent.

Analysts are predicting profit of $3.65 per share, on average.

Shares fell $1.94, or 3.9 percent, to $48.50 in after-hours trading Wednesday, after closing the regular session up 91 cents, or 1.8 percent, at $50.44.