Visa posted its third quarter earnings of $1.98 a share, exceeding the consensus expectation of $1.74. Revenue climbed +19% from the year-ago quarter (or 21% on a constant-dollar basis) to $7.3 billion, also beating the consensus estimate of $7.06 billion. CEO Alfred F. Kelly, Jr. said, "Sustained levels of growth in overall payments volume, cross-border volume and processed transactions...
American Express reported first quarter earnings that came in higher than expected. The company’s diluted earnings for the three months ending in March came in at $2.73, beating the Street consensus forecast of $2.44 per share. Revenues rose +29.5% to $11.74 billion, just ahead of analysts' forecasts of $11.6 billion, as consumer credit spending hit a record in March even as the impact the...
Upstart Holdings shares got a rating boost at Barclays. Barclays' analyst Ramsey El-Assal upgraded shares of the AI lending platform to overweight from equal weight. The analyst also hiked his price target on the stock to $230 from $130. According to El-Assal, "continued impressive performance," leads to Barclays’ expectations of improvements in conversion rate, top-of-funnel acquisition, and...
SoFi Technologies posted a loss for the second quarter, even as revenue doubled. The online personal finance company incurred a net loss of -48 cents a share, vs. the prior year quarter’s loss of -3 cents a share. Revenue reached $231.27 million in the quarter from $114.95 million last year. SoFi’s total membership rose +113% year-over-year to 2.6 million. Total products increased +123% from...
On Tuesday, American Express Global Business Travel, a joint venture 50% owned by American Express Co., announced that it planned to acquire Egencia, the corporate-travel business of online travel-services company Expedia .
Under the proposed deal, Expedia will become a shareholder in and will enter into a long-term commercial agreement with Global Business Travel.
“In Egencia, we would welcome the industry's leading digital business travel platform," said Paul Abbott, the chief executive of GBT.
According to Expedia, the supply agreement reached between the two companies will "meaningfully further Expedia Group's goal of powering businesses across the entire eco-system."
PayPal Inc. said that it will allow customers to buy goods and services with cryptocurrencies at more than 29 million merchants globally. The payment service company will enable users with a digital wallet to convert their cryptocurrencies into fiat currency at the point of purchase. “As the use of digital payments and digital currencies accelerates, the introduction of Checkout with Crypto...
Visa is reportedly facing a probe from the U.S. Department of Justice on its debit card business. According to the Wall Street Journal, the DoJ is investigating into allegations that Visa restricted the ability of merchants to route debit card transactions in order to limit so-called 'network fees'. “The U.S. Department of Justice has informed Visa of its plans to open an investigation into...
PayPal shares got bullish views from several analysts, following its commentary in its investor/analyst day on Thursday. Wedbush maintained its outperform rating and $300 price target on the online payments system company’s shares. The analysts mentioned “accelerating organic top line/volume growth rate; further expansion in margins, as PayPal’s revenue/volume growth will benefit from...
Payments technology companies Square and PayPal shares got price target hikes at Deutsche Bank.
Deutsche Bank analyst Bryan Keane boosted his price target on Square to $255 from $215, and on PayPal to $275 from $234. Keane has a buy rating on both these stocks.
According to Keane’s note to investors, a survey of 817 U.S. mobile tech-savvy participants found that the adoption of e-commerce and mobile payment services has accelerated, driven by the pandemic and expanded fintech value proposition.Keane noted that the use of online channels for retail physical goods purchases across the most tech-savvy U.S. mobile payment participants has touched about 83%, according to the survey.
The analyst said that PayPal, Venmo and Square "are well positioned to capture the accelerated shift to online and omnichannel".
American Express Co. reported third quarter earnings that came in lower than analysts’ expectations.But the credit card company experienced a steady improvement in in current spending volumes.
The company’s earnings for the three months ending in September fell -17.1% year-over-year to $1.30 per share, and was lower than the $1.25 anticipated by analysts.
Revenues fell -20% to $8.8 billion, but beat analysts' estimates of $8.6 billion .
The credit card group said its credit reserves grew by $665 million, leading to to around $7.2 billion as of quarter-end.
“While our business continues to be significantly affected by the impacts of the pandemic, our third quarter results have increased our confidence that our strategy for managing through the current environment is the right one,” said CEO Stephen Squeri.
Mastercard is closing its Sao Paulo, Brazil office as well as an annex location near its New York headquarters, due to Coronavirus risks.
A Brazil-based employee who contracted the disease went to the annex office in Purchase, New York, earlier in the week.The Brazil office and the New York office are both undergoing a sanitization process on the advice of public health officials,, according to the company.
Employees who have been in contact with the affected employee and are having symptoms will work from home for 14 days, a Mastercard spokesman told Reuters.
Credit card behemoth Visa Inc. is acquiring privately-held financial services API company Plaid for $5 billion.The purchase price is almost double Plaid’s latest private valuation.
Visa said it will finance the acquisition from cash on hand and debt issuance “at the appropriate time.” The transaction is expected to close in the next three to six months.
Plaid’s technology helps developers share banking and other financial information more easily - something that could potentially bolster Visa's operations after the acquisition.
Mastercard received price-target raises from two Wall Street analysts.
In a note to clients, Nomura Instinet analyst Bill Carcache boosted his price target for the credit card company’s shares to $354 from $324.The analyst perceives "high secular" growth in Mastercard’s payment networks business.
Bernstein analyst Harshita Rawat increased price target on Mastercard to $355 from $300.
Mastercard reported third-quarter earnings that beat estimates, on the back of higher credit card transactions.
The financial services company’s earnings for the three months ended in September increased to $2.07 a share, (vs. $1.82 a share in the year-ago quarter).The figure was also higher compare to the year-ago quarter’s $3.9 billion.
CEO Ajay Banga emphasized on the launch of “faster, more secure click-to-pay online checkout experience" as one of the key strengths of the company.
American Express reported third quarter earnings that surpassed Wall Street's expectations, on strengths in its card business and some other segments.
The financial services company’s earnings of $2.08 a share beat analysts’ expectation of $2.03 a share.Merchant and network services revenue rose +5% to $1.7 billion.
Looking ahead, the company re-iterated its fourth-quarter expected earnings-per-share growth of +8%, and expected revenue growth of +10%.
For the full-year 2019, the company expects earnings to range between $7.85 and $8.35 a share, compared to analysts’ expectation of $8.01 a share.
But the digital coin has come under the scrutiny of several regulators, ever since it was announced in June.Federal Reserve Chairman Jerome Powell indicated that Libra raises “serious concerns regarding privacy, money laundering, consumer protection, financial stability”.
Online payment processor and portal PayPal (Nasdaq: PYPL) peaked at $121.48 back in July and has now fallen for four straight weeks.The weekly stochastic readings, specifically the %K reading, have dropped below the 20 level for the first time in over three years.
Even during the fourth quarter selloff in the overall market, PayPal held up better than most stocks, and then when the market rallied in the first quarter the stock moved up over 25% from the December low through the end of March.
Credit card issuer and processor American Express (NYSE: AXP) has performed very well in recent years in terms of its fundamental statistics.Sales have grown by 11% per year in the last three years and they were up 9% in the second quarter.
The company boasts a return on equity of 31.7%, a profit margin of 18.8%, and an operating margin of 21.3%.
Looking at some valuation indicators from the Tickeron fundamental analysis overview, we see a price to book ratio of 4.35 and a P/E ratio of 14.96.
American Express Co.’s second quarter earnings surpassed analysts’ estimates, while the company reiterated its full-year profit guidance.
For the three months ending in June, the financial services company reported earnings of $2.07 per share, 3 cents ahead of the Street consensus forecast. The earnings per share was also +12.5% higher from the same period last year.
The company's total revenue increased +8% to $10.8 billion, in line with analysts' estimates.The group's quarterly U.S. billed business grew +7% from the prior year to $209.2 billion, and its global bill increased +1.4% to $102.5 billion.
CEO Steve Squeri indicated that there is a strong loyalty among consumers towards the company.
Ally Financial’s second quarter earnings beat analysts’ estimates, on the back of strong lending business.
The auto lender reported earnings per share of 97 cents (excluding certain tax benefits), which surpassed analysts’ expectations of 89 cents a share.
According to the company, its retail auto loans increased to $72.3 billion from $69.9 billion in the year-ago quarter.The average yield on the retail auto loans increased to 6.58% from 6.08%, the lender said.
Furthermore, retail deposits increased by $3.2 billion, the most for a second quarter in Ally’s history.