Block Inc
Venmo gaining ground in payments as Cash App struggles
In the increasingly crowded market for peer-to-peer payments, Venmo is showing momentum while Cash App has hit a rough patch. The parents of both businesses reported quarterly results this week. PayPal, which owns Venmo, reported an earnings beat and kept its forecast for the year. Block, meanwhile, plummeted in extended trading on Thursday after the […]
Read More
Block shares plunge 18% as company takes ‘cautious stance,’ issues weak guidance for year
Block reported first-quarter results that missed Wall Street expectations on Thursday and issued a disappointing outlook. The stock tumbled 15% in extended trading. Here is how the company did, compared to analysts’ consensus estimates from LSEG. Earnings per share: 56 cents adjusted. That figure may not be comparable to estimates. Revenue: $5.77 billion vs. $6.2 […]
Read More
Stocks making the biggest moves after hours: Apple, Amazon, Airbnb, Block and more
Check out the companies making headlines in extended trading: Apple — The iPhone maker shed 2% after its closely watched Services division performed below expectations in the fiscal second quarter. Services revenue came in at $26.65 billion, lower than the $26.70 billion analysts surveyed by StreetAccount anticipated. Overall earnings and revenue during the period beat […]
Read More
Venmo revenue grows 20%, with debit card payment volume soaring
Justin Sullivan | Getty Images Venmo, long a centerpiece of PayPal‘s growth story but often criticized for its lack of monetization, is becoming a bigger contributor to the business. PayPal said Tuesday in its first-quarter earnings release that revenue at Venmo increased 20% year-over-year in the first quarter, though the company didn’t provide a dollar […]
Read More
PayPal kicks off fintech earnings as investors fear impact of Trump tariffs on consumer spending
FILE PHOTO: A smartphone with the PayPal logo is placed on a laptop in this illustration taken on July 14, 2021. Dado Ruvic | Reuters PayPal, Block and Affirm are all closely tied to the health of the consumer, which has investors on edge headed into their earnings reports. Markets broadly have been jittery to […]
Read More
Affirm surges 20% as fintech rallies on tariff pause, but risk remains
Thomas Fuller | Sopa Images | Lightrocket | Getty Images The fintech sector is rallying Wednesday following the Trump administration’s announcement of a 90-day pause on planned tariffs. Affirm was up 20%, Toast and Block rose 13% and PayPal increased 10%. The 90-day pause doesn’t eliminate the threat of tariffs — it just delays it. […]
Read More
For bitcoin bulls who self-custody crypto, the global risks are growing
Whether to buy cryptocurrency as a long-term holding may be the biggest decision an investor interested in digital assets has to make, but where to store crypto like bitcoin can become the most consequential. Following the wildfires earlier this year in California, social media posts began to appear with claims of bitcoin losses, with some […]
Read More
Affirm heads for second-worst week on record on tariff worries, Klarna delayed IPO
Igor Golovniov | SOPA Images | Lightrocket | Getty Images Affirm shares have plunged nearly 30% over the past two trading days and are on track to close out their second-worst week on record, following President Donald Trump’s sweeping tariff announcement on Wednesday. Widespread tariffs could represent a particular problem for Affirm because the provider […]
Read More
Fintech stocks such as Affirm, PayPal plunge on concern Trump tariffs will hurt consumer spending
The global market rout on Thursday, sparked by President Donald Trump’s announcement of widespread tariffs, had an outsized effect on fintech companies and credit card issuers that are closely tied to consumer spending and credit. Affirm, which offers buy now, pay later purchasing options, plunged 19%, while stock trading app Robinhood slid 10% and payments […]
Read More
After 20 years at the helm, Klarna’s CEO Sebastian Siemiatkowski is about to face his biggest test yet
Key Points Sebastian Siemiatkowski has been CEO of Klarna for 20 years. He now faces his biggest test yet with a U.S. IPO fast approaching. Siemiatkowski has grown Klarna into a fintech powerhouse and a brand that’s virtually synonymous with the “buy now, pay later” payment method. However, his entrepreneurial journey hasn’t been without challenges […]
Read More