The Zip Co Ltd (ASX: ZIP) share price delivered a stronger performance than the ASX 200 (ASX: XJO) in 2025.In a year when ASX growth shares were volatile, Zip managed to deliver a positive year for shareholders, rising by around 11% for the year. That compares to a return of 6.25% for the index.However, it should also be noted that the Zip share price has dropped by around a third since October 2025, so its return was shaping up to be incredibly high until the second half of October onwards.Strong FY25 resu ...

瑞典 "先买后付"巨头 Klarna与Coinbase达成合作，将通过该平台接受机构投资者以稳定币形式提供资 金。Klarna CFO表示，稳定币为公司连接到全新的机构资金来源。Klarna于11月底推出自有稳定币 KlarnaUSD，随后与钱包开发商Privy合作探索更多加密产品。 财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：钟离 ...

据 Fortune，瑞典 "先买后付"（BNPL）巨头 Klarna 宣布与 Coinbase 达成合作，将通过该平台接受机构 投资者以稳定币形式提供资金。Klarna CFO 表示，稳定币为公司连接到全新的机构资金来源。过去多 年 Klarna 一直谨慎对待加密领域，但今年动作频频：11 月底推出自有稳定币 KlarnaUSD，随后与钱包 开发商 Privy 合作探索更多加密产品。 （来源：吴说） ...

当前的消费格局不仅反映了宏观经济的摇摆不定，也突显了美国经济内部深刻的结构性矛盾，即拥有资产的富裕阶层持续挥霍，而依赖薪资的普通家庭则 被迫通过更严格的预算管理来应对生活成本危机。 美国消费者在今年"黑色星期五"展现出的消费韧性超出了市场预期，使得零售总额实现了稳健增长，但这一亮眼数据的背后，掩盖了高通胀环境下实际 购买力增长乏力以及日益加剧的经济分化现实。虽然总体支出攀升，但富裕阶层与低收入群体的消费行为呈现出显著的"K型"分化，通胀焦虑与价格敏 感性成为主导市场情绪的核心变量。 据为万事达卡提供数据的SpendingPulse发布的最新统计，今年"黑色星期五"美国零售销售额（不含汽车）同比增长4.1%，超过了去年3.4%的增速。 与此同时，Adobe Analytics的数据揭示了一个全新的趋势： 生成式人工智能首次在假日购物季中扮演了关键角色，流向美国电商网站的AI相关流量较 去年激增600%。 这一系列数据为密切关注假日购物季的高管、经济学家和投资者均提供了重要信号。一方面，数据表明尽管面临高昂的借贷成本和就业市场的不确定 性，美国消费者并未停止打开钱包；另一方面，市场分析指出，销售额的增长很大程度上 ...

11/07/2025Stocks closed mixed Friday but ended at the day's highs.... BREAKING: Stocks Edge Higher As Nvidia, Alphabet Climb Square-parent Block (XYZ) will authorize a new $5 billion repurchase plan for its own stock, the company said ahead of its investor day on Wednesday. Square stock has declined 33% in 2025 and retreated after the company reported some financial metrics that lagged Wall Street targets in third-quarter earnings. In Q3, Square repurchased $403 million of its own stock. It… Related news St ...

PayPal Holdings FY Conference Summary Company Overview - **Company**: PayPal Holdings (NasdaqGS:PYPL) - **Date of Conference**: November 19, 2025 Key Points Company Progress and Transformation - Over the past two years, PayPal has undergone significant transformation, becoming a fundamentally stronger company with a projected transaction margin growth of 6% to 7% for the year [3][4] - The processing business has turned from negative to positive margins, and the Venmo business, previously stagnant, is now experiencing exciting growth [3][4] Ecosystem and Commerce Platform Vision - PayPal aims to leverage its dual-sided ecosystem (consumers and merchants) to create a network effect, enhancing the commerce experience [5][6] - Partnerships, such as with the Big 12 and Big 10 for NIL athlete payments via Venmo, exemplify the company's strategy to connect consumers and merchants [5][6] Consumer Spending Trends - There has been a noted slowdown in discretionary spending among middle to low-income consumers in the U.S. and Europe, which is expected to impact branded checkout growth [8][9] - The shift towards buy now, pay later (BNPL) options is seen as an opportunity for PayPal to capture market share [9][10] Buy Now, Pay Later (BNPL) Growth - BNPL volume and monthly active accounts (MAA) have grown by 20%, with expectations of reaching a $40 billion volume business this year [10][11] - PayPal plans to enhance visibility of BNPL options on product pages to increase conversion rates, which currently see a 10% lift when BNPL is presented earlier in the shopping process [12][13][14] Venmo's Performance - Venmo has seen a 40% growth in volume for payments and a 65% growth in debit card usage, attributed to focused execution and partnerships with key merchants [18][19] - The company is on track to generate $2 billion in revenue from Venmo, with significant potential for further growth [22] Processing Business Improvement - The processing business has been turned around from negative margins to healthier margins through renegotiated contracts and investment in value-added services [25][26][27] - PayPal is now positioned to grow transaction margins through multiple business lines, including processing, Venmo, and BNPL [27][28] Branded Checkout Challenges - Branded checkout growth has been slower than expected, with online growth at 5% in Q3, and anticipated to be lower in Q4 due to economic pressures [32][33] - The company is focused on improving the checkout experience, particularly on mobile, to reduce friction and enhance conversion rates [35][36] Future Investments and Strategy - PayPal plans to invest in growth areas such as agentic commerce and BNPL, which may temporarily impact transaction margin growth in 2026 [60][61] - The company is committed to building a robust ecosystem for the long term, with a focus on consumer trust and seamless experiences [55][58] Agentic Commerce Potential - PayPal is positioned to lead in agentic commerce due to its trusted two-sided network, allowing for secure transactions and buyer protection [53][55] - The revenue model for agentic commerce will remain similar to branded checkout transactions, providing opportunities for market share growth [57] Long-Term Growth Projections - PayPal maintains long-term growth targets of 10% for transaction margin dollars and 20% for EPS growth, while being flexible in investment strategies to adapt to market shifts [59][60] Additional Insights - The company is aware of the need for consistent integration patterns with merchants, which has been a challenge due to historical practices [39][41] - PayPal's strategy includes leveraging cashback offers and marketing investments to drive consumer engagement and conversion [44][46] This summary encapsulates the key insights and strategic directions discussed during the PayPal Holdings FY Conference, highlighting the company's current performance, challenges, and future growth opportunities.

Core Insights - Affirm Holdings Inc. shares increased over 9% following the release of first-quarter fiscal 2026 results that exceeded analyst expectations and raised full-year guidance [1] Financial Performance - The company reported adjusted earnings per share of $0.23, surpassing the consensus forecast of $0.11 by 109% [2] - Revenue grew 34% year over year to $933 million, exceeding expectations of $881.84 million [2] - Gross merchandise volume (GMV) increased by 42% to $10.8 billion, driven by strong performance in the direct-to-consumer segment [2] Segment Performance - Affirm's Card segment showed remarkable growth, with card GMV rising 135% year over year [3] - Active cardholders increased by 500,000 from the previous quarter to reach 2.8 million, while total active consumers grew 24% to 24.1 million, marking the seventh consecutive quarter of accelerating user growth [3] Future Guidance - For the fiscal second quarter, Affirm projected revenue between $1.03 billion and $1.06 billion, with the midpoint slightly below the consensus estimate of $1.06 billion [4] - The company raised its full-year GMV forecast to over $47.5 billion, up from previous guidance of above $46 billion [5] - Affirm maintained its revenue-to-GMV ratio at approximately 8.4%, indicating revenue above $3.99 billion, and reiterated Revenue Less Transaction Costs (RLTC) guidance of $1.9 billion, about 4% of revenue [5] - The adjusted operating margin target was increased to above 27.1% from more than 26.1% [5]

Financial Data and Key Metrics Changes - Total Processing Volume (TPV) reached $98 billion in Q3 2025, representing a 33% increase year-over-year and an acceleration of over three points from Q2 2025 [4][16][18] - Net revenue for Q3 was $163 million, growing 28% year-over-year, with gross profit at $115 million, a 27% increase year-over-year [5][19] - Adjusted EBITDA was $30 million, achieving a 19% margin, marking another all-time high for adjusted EBITDA dollars [5][24] Business Line Data and Key Metrics Changes - Lending use cases, including buy now, pay later (BNPL), saw significant growth, with TPV growth accelerating 10 points versus Q2, and year-over-year growth about double the overall company rate [18][50] - Commercial programs, particularly those enabling SMBs, also experienced increased demand, highlighted by signing a Fortune 500 customer for electronic supplier payments [9][10] - Non-Block TPV is now growing two and a half times faster than Block TPV, with Europe TPV continuing to grow over 100% year-over-year [17][50] Market Data and Key Metrics Changes - Europe continues to deliver strong results, with TPV growth remaining over 100% year-over-year, driven by neobanking, lending, and BNPL use cases [11][50] - The international business now represents a high teens percentage of total TPV, up five percentage points from Q3 of the previous year [50] Company Strategy and Development Direction - The company aims to expand customer relationships by enabling innovative programs and seamless geographic expansion while increasing bank supply [6][10] - The acquisition of TransactPay is expected to enhance the company's ability to serve enterprise customers in Europe, providing a complete offering comparable to North America [12][36] - The company is focused on diversifying its business beyond debit and expanding internationally to drive future growth [15][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business trajectory, noting that TPV growth has accelerated for two consecutive quarters, with strong performance expected to continue [44][46] - The company raised its expectations for Q4 and the full year based on Q3 results, anticipating net revenue growth of 22%-24% in Q4 [27][29] - Management acknowledged potential headwinds from contract renewals and macroeconomic uncertainties but remains optimistic about growth prospects [47][48] Other Important Information - The company repurchased 3.2 million shares at an average price of $6.12 in Q3, with a total of 64.6 million shares repurchased year-to-date [26] - The GAAP net loss for Q3 was $3.6 million, influenced by interest income and a non-recurring litigation-related expense [25] Q&A Session Summary Question: Inquiry about new business and contract ramping - Management noted that much of the growth is driven by existing customers launching new programs, with new cohort business expected to contribute over $40 million in revenue in 2025 [31][33] Question: Sustainability of growth rates - Management indicated that while growth rates may not be sustainable at current levels, they expect continued strong performance, particularly in lending and on-demand delivery [44][50] Question: Impact of TransactPay on European market expansion - The acquisition facilitates easier transitions for customers between North America and Europe, allowing the company to compete in the premium market [36][52] Question: Details on card-to-card relationships and market expansion - Management highlighted the strong relationship with Klarna and the significant growth observed in existing markets, with expectations for continued expansion into new markets [40][41] Question: Revenue yield comparisons across different markets - Management explained that gross profit take rates are relatively consistent across use cases, with variations primarily due to customer size rather than fundamental pricing differences [63][65]

Financial Data and Key Metrics Changes - PayPal is on pace for 6% to 7% growth in transaction margin dollars in 2025, a significant improvement from negative growth two years ago [3] - Non-GAAP earnings per share (EPS) increased by 12%, reflecting strong transaction margin performance [7] - Total payment volume (TPV) grew by 8% on a currency-neutral basis, reaching over $458 billion [30] - Non-GAAP operating income grew by 6% to nearly $1.6 billion [29] - The company is raising its full-year guidance for transaction margin dollars to a range of $15.45 to $15.55 billion, representing 5% to 6% growth [41] Business Line Data and Key Metrics Changes - The branded experiences TPV grew by 8% on a currency-neutral basis, with U.S. branded experiences TPV growth accelerating to 10% [31][12] - The Buy Now, Pay Later (BNPL) business sustained 20% volume growth quarter after quarter [4] - Venmo's revenue is on track to generate $1.7 billion this year, up more than 20% [21] - The enterprise payments business returned to volume growth, contributing to transaction margin dollar growth [4] Market Data and Key Metrics Changes - Monthly active accounts increased by 2% year over year to 227 million [30] - Transactions per active account grew by 5%, indicating deeper customer engagement [7] - Venmo's TPV growth accelerated to 14%, up from 12% in Q2 [21] - The PSP volume growth accelerated to 6% from 2% in the previous quarter [24] Company Strategy and Development Direction - PayPal is focusing on profitable growth and expanding its addressable market beyond online payments [3][6] - The company is initiating a dividend as part of its capital allocation strategy, alongside ongoing share buybacks [5][38] - The strategy includes scaling redesigned checkout experiences, improving merchant prioritization, and driving biometric adoption [14][15] - PayPal aims to capture a larger share of the commerce market by evolving its services to meet consumer needs across various channels [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's long-term growth potential, targeting high single-digit transaction margin dollar growth and non-GAAP EPS growth in the teens [5] - The company acknowledged challenges in the macroeconomic environment, particularly in consumer discretionary spending [32] - Management is optimistic about the impact of recent initiatives and investments on future growth [39][40] Other Important Information - PayPal's strong foundation and differentiated competitive advantages position it well for future growth [6] - The company is actively investing in innovation, including partnerships with AI platforms like OpenAI and Google [26] - PayPal is expanding its BNPL offerings into new geographies and enhancing product features [18][19] Q&A Session Summary Question: Has agentic commerce changed PayPal's strategic priorities? - Management stated that agentic commerce is an evolution of their existing strategy to be available everywhere consumers want to pay, and they believe they are well-positioned to win in this area [47][51] Question: How should investors think about the overall path for branded acceleration? - Management highlighted consistent mid-single-digit growth in branded checkout and noted macro-related deceleration in September, but expressed confidence in their growth initiatives [56][58] Question: Can you provide insights on the Buy Now, Pay Later industry and market share? - Management emphasized the generational shift towards BNPL, noting strong growth in the U.S. and expansion into new markets, with a focus on meeting customers' needs earlier in the purchasing process [62][63] Question: What is the growth trajectory for Venmo? - Management expressed excitement about Venmo's growth, highlighting strong user engagement and plans to introduce new products and services to enhance monetization [68][70]

Core Viewpoint - PayPal has raised its full-year earnings forecast and announced a partnership with OpenAI to integrate its digital wallet into ChatGPT, leading to a significant increase in its stock price during pre-market trading [1][2]. Financial Performance - For the third quarter, PayPal reported a non-GAAP earnings per share of $1.34, exceeding market expectations of $1.20, with revenue reaching $8.42 billion, surpassing the analyst average estimate of $8.23 billion [4]. - Total payment volume was $458.1 billion, reflecting an 8% year-over-year growth, which was better than the market expectation of $450.3 billion [4]. - Transaction and credit losses amounted to $483 million, a 37% increase compared to the same period last year, exceeding the analyst forecast of $479 million [4]. - The company has also initiated its first-ever dividend plan, distributing $0.14 per share, indicating confidence in its cash flow and long-term profitability [1]. Strategic Partnerships - The collaboration with OpenAI aims to enhance the online shopping experience by providing payment technology support for AI-driven product searches, allowing users to convert browsing into actual purchases [1][3]. - PayPal is positioning itself at the forefront of the AI shopping revolution, with the partnership expected to facilitate a seamless payment experience from conversation to checkout [3]. - The company is also expanding its AI shopping infrastructure through partnerships with Google and other AI firms, indicating a strategic focus on integrating AI into its payment solutions [3]. Market Trends - The partnership with OpenAI reflects a broader trend in online retail, where AI shopping tools are becoming essential for consumer engagement, enabling personalized product research and price tracking [3]. - The private credit market continues to expand, as evidenced by Blue Owl Capital's agreement to acquire approximately $7 billion in "buy now, pay later" loans from PayPal, highlighting the growth potential in this sector [5].