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☆ Block shares jump on better-than-expected first-quarter results
▼ + stars: | 2024-05-02 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +3 min

Earnings per share: 85 cents adjusted vs. 72 cents adjusted that was expected85 cents adjusted vs. 72 cents adjusted that was expected Revenue: $5.97 billion vs. $5.82 billion expectedBlock posted $2.09 billion in gross profit, up 22% from a year ago. Analysts tend to focus on gross profit as a more accurate measurement of the company's core transactional businesses. The Cash App business, which is the company's popular mobile payment platform, reported $1.26 billion in gross profit, a 25% year-over-year jump. Bitcoin, said bitcoin will ultimately help Block "serve more people around the world faster." He added that going forward, Block will be investing 10% of its gross profit from bitcoin products into purchases of bitcoin for investment.

Persons: Block, Jack Dorsey, Afterpay, Dorsey, Amrita Ahuja, Bitcoin, bitcoin Organizations: Twitter, CNBC

☆ ‘I am so scared of them now’: Burned from overspending, some ‘buy now, pay later’ users warn others away
▼ + stars: | 2024-03-30 | by ( J.J. Mccorvey | ) www.cnbc.com time to read: +8 min

But the $6,000 in BNPL loans she'd racked up over roughly two years felt frivolous, she said, especially because they're planning to buy their first home. Many are seeking cover from high credit card interest rates. After trimming her discretionary spending and sticking to home-cooked meals, she said she's been able to whittle down her BNPL debt to about $1,200. Klarna said it had responsible spending limits for its users, whose average outstanding balance is $150, compared to the more than $6,000 for credit card users. Baird, for her part, acknowledged BNPL services can make inflation and high interest rates feel "easier" for those who can keep their shopping impulses under control.

Persons: Tia Whiteside, Whiteside, she'd, Dyson, she's, Marcus, whittle, Ben Lourie, Lourie, aren't, I've, Amy Baird, Baird, Kevin Mahoney, Mahoney, —, Afterpay, Klarna, Sen, Sherrod Brown, Raphael Warnock, John Fetterman, Brown Organizations: LexisNexis, Solutions, University of California, UC Irvine, Singapore Management University, PayPal, Consumer Financial Protection Bureau, Financial, D.C, Sens, NBC News Locations: Greenville , South Carolina, Irvine, Stanford, Dallas, Washington, Ohio

☆ Block CFO says Cash App products are popular with Gen Z and younger consumers
▼ + stars: | 2024-03-22 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

Block CFO Amrita Ahuja on Friday told CNBC's Jim Cramer that the company's Cash App payment services are doing well with the younger generation of consumers. The Cash App card, a free Visa debit card, is especially popular with young people, Ahuja said. She explained how Cash App is able to reach the younger generation, citing a families program that allows adults to sponsor accounts for teenagers. Cash App, which brought in a large chunk of the company's revenue last quarter, has a variety of payment offerings and also lets users buy stocks and bitcoin. Ahuja discussed integrating Afterpay services within Cash App, saying it's "an incredible opportunity to bring commerce into Cash App."

Persons: Amrita Ahuja, CNBC's Jim Cramer, Ahuja, Block, Jim Organizations: Cash

☆ These are the stocks about to report earnings that often beat expectations and gain
▼ + stars: | 2024-02-20 | by ( Pia Singh | ) www.cnbc.com time to read: +4 min

Using Bespoke Investment Group data, CNBC Pro screened for stocks set to release their quarterly results that meet the following criteria: Average earnings per share beat rate of 75% or higher. The firm expects Nvidia to report quarterly revenue of $22.95 billion, far above Wall Street's expectations of $20.23 billion. The company will report quarterly results on Thursday. Still, the firm reiterated its buy rating and $3,960 target price. Analysts' average price target indicates Block could gain 15.1 % over the next 12 months, per FactSet.

Persons: Lee Horowitz Organizations: Nvidia, CNBC Pro, Google, U.S ., UBS, Booking Holdings, Deutsche Bank, Palo Alto Networks Locations: —

☆ Americans are racking up more 'phantom debt' — why that's a problem
▼ + stars: | 2024-01-07 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

Buy now, pay later is now one of the fastest-growing categories in consumer finance, according to a separate report by Wells Fargo. "It's hard to know how much of this debt is out there," said Ted Rossman, senior industry analyst at Bankrate. However, managing multiple buy now, pay later loans with different payment dates can also be a challenge, Quinlan added. "BNPL could lead to an increase in consumer debt, as consumers may be more likely to take on additional debt if they know they can spread out the payments," he said. watch nowWhile the typical terms might break a purchase into four equal interest-free payments, not all buy now, pay later loans work that way.

Persons: Wells, Tim Quinlan, Quinlan, Ted Rossman, Max Levchin, Rossman Organizations: Wells, Finance Locations: Wells Fargo

☆ Digital Payments Are Having a Jolly Holiday
▼ + stars: | 2023-12-02 | by ( Telis Demos | ) www.wsj.com time to read: 1 min

Buy now, pay later point-of-sale lending offered by Afterpay and others generated 42.5% more online spending on Cyber Monday this year than last year. Photo: Richard B. Levine/Zuma PressThis year’s Black Friday might not have been marked by stories of mobs of shoppers like in past years, but it made up for that drama digitally. In-store U.S. retail sales on Black Friday rose 1.1% over last year, according to Mastercard SpendingPulse, and e-commerce sales were up 8.5%. That might help give a second wind to digital payments stocks whose shares have struggled at times in the postpandemic era.

Persons: Afterpay, Richard B, Levine Organizations: Mastercard SpendingPulse

☆ US Thanksgiving weekend sales hit record $38 bln on big discounts - report
▼ + stars: | 2023-11-28 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

Shoppers crowd a Walmart store ahead of the Thanksgiving holiday in Chicago, Illinois, U.S. November 27, 2019. Online consumer spending jumped 7.8% during Cyber Week, or the five days from Thanksgiving through Cyber Monday, according to data from Adobe Analytics, outstripping initial expectations for a 5.4% rise. But blockbuster deals rolled out from Thanksgiving Day through Cyber Monday helped spread the holiday cheer for bargain-hunters. Sales on Cyber Monday jumped a better-than-expected 9.6% to a record $12.4 billion, as shoppers clicked "buy" on Hot Wheels toys, PlayStation 5, smart watches and kitchen appliances. Reuters GraphicsAdobe said discounts peaked at 31% for electronics and at 27% for toys on Cyber Monday, which is typically the biggest online shopping day in the U.S.

Persons: Kamil Krzaczynski, Vivek Pandya, trouncing, Klarna, Deborah Sophia, Juby Babu, Pooja Desai Organizations: Walmart, REUTERS, Adobe Analytics, Deloitte, Adobe Digital, Graphics Adobe, Thomson Locations: Chicago , Illinois, U.S, Bengaluru

☆ Americans broke a record for spending on Black Friday, but it's just hiding a bigger problem for the economy
▼ + stars: | 2023-11-28 | by ( Cork Gaines | Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

Many are delaying the cost as buy now, pay later programs are expected to have their biggest month ever. Many are paying via "buy now, pay later" platforms such as Klarna or Afterpay, which let shoppers pay in installments every week or month. Buy now, pay later also allows people to borrow less expensively as they get the pricing interest-free if paid off in time. Indeed, the Fed's "2022 Survey of Household Economics and Decisionmaking" found that 83% of respondents paid off their buy now, pay later programs on time. Compounding the problem is that people tend to spend more when using buy now, pay later programs, suggesting an overconfidence in what they can afford.

Persons: —, Salesforce, Beryl Tomay, Klarna, Mark Luschini, Janney Montgomery Scott, Maria Bartiromo, Luschini, Michael Landsberg, Landsberg Bennett, Kraig, Foreman Organizations: Black, Service, Adobe, Mastercard, CNBC, Business, Federal Reserve Bank of Atlanta, Household Economics, Social Science Research Network, Wealth Management Locations: Landsberg

☆ Americans broke a record for spending on Black Friday, but it is just hiding a bigger problem for the economy
▼ + stars: | 2023-11-28 | by ( Cork Gaines | Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

☆ US Thanksgiving weekend sales hit record on big discounts, online boost
▼ + stars: | 2023-11-28 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +3 min

More than 200 million shoppers tapped into promotions both in-store and online during the Thanksgiving weekend, the National Retail Federation (NRF) said on Tuesday. That was a jump from the 196 million shoppers seen last year and trumped the trade association's estimates of 182 million. Online shoppers rose 3.1% to 134.2 million, making up for a slight dip in the number of customers who visited brick-and-mortar stores. The weekend saw about 121.4 million in-store shoppers, down from 122.7 million in 2022, according to the retail body. Adobe said discounts peaked at 31% for electronics and at 27% for toys on Cyber Monday, which is typically the biggest online shopping day in the U.S.

Persons: Kamil Krzaczynski, Matthew Shay, Vivek Pandya, trouncing, Klarna, Deborah Sophia, Juby Babu, Pooja Desai Organizations: Walmart, REUTERS, Adobe Analytics, Deloitte, National Retail Federation, Shoppers, Adobe Digital, Adobe, Thomson Locations: Chicago , Illinois, U.S, Bengaluru

☆ E-commerce stocks rally after Black Friday shoppers spend record online
▼ + stars: | 2023-11-27 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +3 min

Shoppers turned out in full force on Thanksgiving and over the Black Friday weekend, largely shunning physical stores for the comfort of clicking "buy online" from their couches. Black Friday online spending reached a record $9.8 billion in the U.S., up 7.5% from a year earlier, according to Adobe Analytics. Online sales on Cyber Weekend, the days between Black Friday and Cyber Monday, surged 7.7% to $10.3 billion. Cyber Monday sales are expected to reach up to $12.4 billion, making it the biggest U.S. online shopping day of the year, according to Adobe. A plastic rice washing bowl, listed as one of the top-selling Cyber Week items, is discounted 68% to $1.89 with free shipping.

Persons: Shoppers, Wayfair, Afterpay, Klarna, Sebastian Siemiatkowski, Siemiatkowski Organizations: Adobe Analytics, Black, Adobe, National Retail Federation, CNBC PRO Locations: U.S

Overall, Adobe estimates one in five Americans plan to use buy now, pay later plans to purchase holiday gifts. Retailers have found that customers offered a buy now, pay later option are more likely to have bigger cart sizes or to convert from browsing to checking out. In its report, the Fed cites research that finds that customers spend 20% more when buy now, pay later is available. LexisNexis Risk Solutions provides many buy now, pay later lenders with alternative credit scores for assessing consumers seeking loans, including those who may not have a traditional credit score. In the past two years, Williams has used buy now, pay later plans at stores including Target, BoxLunch, EyeBuyDirect, and Skims.

Persons: Vivek Pandya, Demishia Alford, Alford, “, ”, she’ll, I’ll, I’m, ” Kevin King, Kevin, ” Alford, Jessica Sarceda, ” Sarceda, Sarceda, Allison Williams, Williams, —, ” Jinal Shah, Charles Schwab Organizations: —, Federal Reserve Bank of New, Adobe, Adobe Digital, ”, Retailers, Fed, Consumers, Walmart, LexisNexis, Solutions, Nike, Target, Zip, Associated Press, Charles, Charles Schwab Foundation, Inc, AP Locations: Federal Reserve Bank of New York, Greensboro , North Carolina, Santa Monica , California, Amelia , Ohio

Sept 18 (Reuters) - Three former Qatalyst Partners bankers have formed a new investment banking boutique called AXOM Partners, which will focus on advising technology companies on mergers and acquisitions (M&A). Qatalyst, the investment bank the trio left behind, also specializes in technology deals and has the No. Most of Qatalysts's deals are worth more $1 billion, and Hightower, Bressers and Weiner will focus on deals that are smaller. Based in San Francisco, AXOM will seek to advise on deals in sectors, including enterprise software, consumer technology, e-commerce and financial technology. All AXOM employees will be rewarded on merit based on an incentive system, and will be allowed to participate in profit distributions, Hightower said.

Persons: Brandon Hightower, Alan Bressers, Ross Weiner, Hightower, Qatalyst, Bressers, Weiner, AXOM, NXP, Inphi Corp’s, Milana Vinn, Aurroa Ellis Organizations: Qatalyst Partners, AXOM Partners, Qatalyst, Expedia, Qualcomm Inc, Devices, Marvell Technology Inc, Technology, Thomson Locations: San Francisco, Qatalyst, New York

☆ The real reason you're using 'Girl Math' isn't as funny as the TikTok trend would make you think
▼ + stars: | 2023-09-06 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +5 min

"Girl Math" is the humorous TikTok trend where users justify expenses with tricks. "Girl Math" may just be "Buy Now, Pay Later" in disguise, the experts said. "To me, the popularity of the "Girl Math" trend indicates a lot of pent-up guilt around our purchases," said Barrow. That's why it's important to disclose when "Girl Math" is humor instead of fact, said Sara Samuels, a wealth management advisor at Northwestern Mutual. AdvertisementAdvertisementFinancial educator Ellis even suggests setting aside money for savings or an emergency fund every time you make a "Girl Math" purchase.

Persons: Sam James, —, Ashley Morris, Isabel Barrow, Barrow, Erin Ellis, Ellis, Edelman's Barrow, Sara Samuels, Morris Organizations: Service, Consumer Financial Protection Bureau, Philadelphia Federal Credit Union, Northwestern Mutual Locations: Wall, Silicon, Philadelphia, Barrow

☆ What to know before you take advantage of your credit card’s buy now, pay later option
▼ + stars: | 2023-08-29 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

The offer may sound tempting, given today's record-high interest rates on debt, which now average 20.5% for credit cards, according to Bankrate. Credit card buy now, pay later plans include American Express Pay It Plan It, My Chase Plan and Citi Flex Pay. While those BNPL companies are acting more like credit card issuers, the latter, in turn, have taken on features similar to BNPL, he noted. The choices come as rising interest rates have made carrying debt more expensive. The latest data shows consumers are struggling under rising balances, with total credit card debt recently topping $1 trillion for the first time.

Persons: Ted Rossman Organizations: American, Citi, Finance

☆ From banking giants to lending up-and-comers — here are the world's top 200 fintech companies
▼ + stars: | 2023-08-02 | by ( Ryan Browne | ) www.cnbc.com time to read: +11 min

Statista identified 40 firms as top digital payments companies. While digital payments is often the area that draws most investor buzz, lending generates more money in financial services. Statista identified 25 fintech companies that fall into the category of top alternate lending firms. They include American small business lending firm Biz2Credit, Irish e-commerce lending company Wayflyer, and Latvian loan refinancing startup Mintos. Digital business solutions

Persons: Monzo, there's, Statista, Afterpay, It's, Binance, eToro, Equity crowdfunding, hasn't, Peter Hazlehurst Organizations: JPMorgan —, Orange, Digital, U.S, SEC, European, Education, Equity, Republic, Tech, Federal Reserve, Bank of England, CNBC, Solaris Locations: fintech, Europe, Nigeria, Orange, Africa, Terra, U.S, Cayman Islands, American, Latvian, U.K

☆ 8 money habits that are preventing you from growing your wealth, according to an ex-banker
▼ + stars: | 2023-06-22 | by ( Tim Denning | ) www.businessinsider.com time to read: +10 min

Ex-banker and personal-finance writer Tim Denning says a poor money mindset is what keeps you stuck. You also need to act on investments instead of waiting for the right time and seek out tax savings. I got this poor money mindset from the 2008 recession. "Don't pay in full. When you don't pay, they charge predatory fees and make you poorer.

Persons: Tim Denning, —, Katie, Austin Rief, Austin, Katie Gatti, I've, Cash, Lehman Brothers, you'll, Gordon Ramsay, It's, it's, There's Organizations: Service, Facebook, Morning, doesn't, Navy SEAL, Google, Microsoft, CNBC Locations: Australian

☆ Scoop: The founders of PopSugar raise $33 million for their second VC fund, and launch a bespoke investment bank to advise startups on M&A
▼ + stars: | 2023-06-13 | by ( Melia Russell | ) www.businessinsider.com time to read: +4 min

Brian and Lisa Sugar, the married founders of PopSugar, have raised a second venture capital fund. The $33 million fund will invest in consumer brands and software powering the future of retail. The eponymous firm, Sugar Capital, began to raise the sophomore fund a year ago and closed in May, Brian Sugar told Insider. For her part, Lisa stepped back from managing PopSugar in 2021 and joined Sugar Capital as a partner in 2022. Sugar Capital set out to raise $75 million for its second fund and reduced the target size last summer, Sugar said.

Persons: Brian, Lisa Sugar, Brian Sugar, MrBeast's Feastables, Will Hawthorne, Krista Moatz, PopSugar, Hawthorne, Sugar, Sam Altman, Jason Calacanis, Everlane, Ben Lerer's, Lisa, Brian Ach Organizations: PopSugar, Sugar Capital, Avid Capital Advisors, Avid, Sugar, JPMorgan, Advisors, Sequoia Capital, Nine Media, Bain Capital, Pritzker Group Venture, Consumer Locations: Olive

The host, Caleb Hammer, said they owed more than $112,000 in loans, credit cards, and car debt. The debts included six credit cards, two car loans, a hospital bill, and buy-now-pay-later spending. Discover credit card: $3,627.68. Citi credit card: $5,039.21. Hammer said he was "scared" for the couple because of their car loans, which represented around 70% of their debt.

Persons: Caleb Hammer, Hammer, Kia, Jessilyn, you've, I'm, we're, Brandon Organizations: Cherokee Overland, Apple, Citi, Capital, Cash American Express, Chase, Bank, Amazon, Apple Watch, Kia, Jeep Locations: Brandon, Springfield , Missouri, DoorDash

A man appeared on a budgeting podcast to seek help and raise awareness for mental health issues. A man struggling with huge debts appeared on a budgeting podcast last week, saying he was an example of how ignoring mental health can lead to financial problems. "It's been a really, really bad situation I've been in for the past couple of years," Duncan said. "I wanted to be on here to specifically platform how not treating your mental health issues can lead to massive financial strain that I'm in," he said. "Guys, if you have anything with mental health that you need to deal with, anxiety, depression, bipolar disorder, trauma, PTSD, etc.

☆ Australia to regulate buy-now-pay-later sector
▼ + stars: | 2023-05-21 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, May 22 (Reuters) - The Australian government said on Monday it would introduce laws that will consider buy-now-pay-later (BNPL) services as a credit product in a bid to protect consumers in a largely unregulated industry. "Best way to do that is to legislate, to regulate as a credit product, so that we can manage some of the risks." But concerns about repayment have been rising as Australia battles high inflation, which now sits at near 30-year highs. Australia, home to about a dozen listed BNPL providers, has about 7 million active accounts that resulted in A$16 billion ($10.9 billion) of transactions in 2021-22, up 37%, data showed. ($1 = 1.4743 Australian dollars)Reporting by Renju Jose in Sydney; Editing by Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.

☆ Apple just launched its own buy now, pay later service—here’s how it compares with Affirm, Afterpay, Klarna and PayPal
▼ + stars: | 2023-03-30 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

Apple is shaking up the buy now, pay later industry. On Tuesday, the tech giant launched Apple Pay Later, which allows Apple Pay users to split purchases into four interest-free payments paid over six weeks without an additional fee. Prior to making a purchase, Apple Pay Later users can apply for a loan between $50 and $1,000 and use it for in-app purchases or to buy products online through retailers that accept Apple Pay. After Apple Pay Later is initially set up, you'll also be able to apply for a loan right at checkout. Here's how Apple Pay Later compares.

☆ Apple awkwardly pushes into buy-now-pay-later
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, March 29 (Reuters Breakingviews) - Apple (AAPL.O) is late to the buy-now-pay-later party. If anyone can help validate the product, it’s Apple, but times are considerably tougher. Apple will be well-versed in these risks, but a bigger crackdown is probably coming. What’s more, shifting consumer sentiment and a cooling economy could hurt demand and increase the risk of bad loans. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Apple launches buy now, pay later service
▼ + stars: | 2023-03-28 | by ( Jennifer Korn | ) edition.cnn.com time to read: +2 min

New York CNN —Apple on Tuesday launched an option in its digital wallet allowing customers to pay for online purchases in installments, making it the latest company to embrace the buy now, pay later trend. The new feature, called Apple Pay Later, lets customers split payments for purchases into four installments over six weeks, with the first installment due at the time of purchase. Apple users can also apply for a loan within the Wallet app, ranging from $50 to $1000, with no interest or fees, to make online or in-app purchases. Apple’s move comes as a growing number of consumers have turned to buy now, pay later services to stretch their budgets at a time of high inflation and broader economic uncertainty. Apple’s Pay Later option is enabled through the Mastercard Installments program.

☆ Premarket stocks: Americans are going all-in on cash. That could spell more trouble
▼ + stars: | 2023-03-24 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

The goal of a money market fund is to provide investors with a relatively stable investment option that offers higher returns than traditional savings. What’s happening: Since the Fed began to raise interest rates a year ago, the amount of money in money market funds has increased by roughly $400 billion. Goldman Sachs economists wrote in a note on Thursday that Americans could sell as much as $1.1 trillion in stocks this year and put that money into credit and money market assets instead. Money market funds are deeply interconnected with the wider financial system, and often face the same risks as banks. The Federal Deposit Insurance Corporation, a US government agency that insures deposits in banks and savings associations, does not insure cash invested in money market funds.

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