Group 1 - Take-Two Interactive's shares are falling due to the delay of Grand Theft Auto 6, which was initially scheduled for release this fall and has faced multiple delays [1] - Airbnb's shares are rising after reporting mixed third-quarter results and providing upbeat revenue guidance [1] - Affirm's shares are jumping after the company beat earnings and revenue expectations [1] Group 2 - The CEO of Affirm, Max Levchin, will be interviewed on Squawk on the Street, indicating significant interest in the company's performance [2] - Block, a fellow fintech company, is experiencing a decline in shares after missing both earnings and revenue expectations for the fourth consecutive quarter [2] Group 3 - Ford is reportedly considering discontinuing the electric version of its F-150 pickup truck, with expectations of declining EV sales following the expiration of government tax credits [3]

Welcome back to Squawkbox. Five things to know ahead of the opening. Bell shares of video game maker Take 2 Interactive falling after the company said its upcoming Grand Theft Auto 6 would be delayed again.It was initially scheduled for release this fall, but has now faced multiple delays. Meanwhile, Airbnb shares rising after the company reported mixed third quarter results and upbeat revenue guidance. and shares of fintech firm a firm jumping after the company beat earnings and revenue expectations.We're ...

Core Viewpoint - Shares of fintech Block experienced a significant decline of 14.5% in premarket trading, attributed to investor concerns over profit growth not keeping pace with the increase in transaction volume at its payments unit, Square [1] Company Summary - Block's stock performance indicates a negative market reaction, highlighting investor skepticism regarding the company's ability to translate increased transaction volume into profit growth [1]

Cash App reported weaker-than-expected quarterly Bitcoin revenue, which could be a sign of waning demand for the digital asset. ...

Core Insights - Ant Group's Ant Mican was awarded the "Outstanding Contribution Award" at the 2025 World Internet Conference for its innovative privacy-preserving computing technology, which enables low-cost and trustworthy data circulation for over ten million users [1][3] Group 1: Technology Development - Ant Group has been exploring privacy computing technology since 2016, culminating in the establishment of Ant Mican in June 2024 to promote the large-scale application of its next-generation privacy protection computing technology, known as "密态计算" (Mican Computing) [3] - Mican Computing utilizes cryptography, trusted hardware, and system security technologies to ensure data remains usable yet invisible during computation, significantly reducing data processing costs to less than 1.5 times that of plaintext distributed computing [3][6] - The technology has been successfully implemented in various projects, including a national "medical insurance + commercial insurance" settlement center in Beijing and a "farmer instant loan" project serving over 13 million farmers [3][6] Group 2: Industry Impact - Ant Mican's technology addresses the challenges of data security in the AI era, where high-value and sensitive data integration is crucial for the advancement of artificial intelligence applications [4][6] - The company emphasizes the importance of a new paradigm of "data-model integration," where vast amounts of specialized data and industry knowledge are essential for building large models and intelligent systems [4] Group 3: Future Directions - Ant Mican is exploring a comprehensive transformation in "chips, systems, and platforms" to enhance data trustworthiness in the AI era, including the release of an AI Mican upgrade card that converts existing plaintext computing power into Mican computing power without hardware changes [7] - The company has initiated an open-source community to promote core privacy computing technologies, connecting over 20,000 developers and numerous academic and industry partners [7] - The "Outstanding Contribution Award" was established in 2024 to recognize significant contributors in the global internet field, with Ant Mican among 14 awardees in the growth potential category for 2025 [7]

Core Insights - Stripe and NEC Corporation are collaborating to integrate Stripe Reader S700 with NEC's facial recognition payment service to enhance payment security and customer convenience [2][4] - The integration will be showcased at the Singapore Fintech Festival from November 12 to 14 [2] Company Collaboration - The partnership aims to combine Stripe's payment infrastructure with NEC's high-accuracy facial recognition technology for secure, hands-free payments [2][5] - Daniel Heffernan from Stripe Japan emphasized the goal of enhancing the global shopping experience through this collaboration [4] - Kazuhisa Shimizu from NEC highlighted the customizability of Stripe Terminal to address challenges in face-to-face payment scenarios [4] Product Features - Stripe Terminal is a unified commerce solution that connects in-store and online payments, providing real-time customer insights across channels [3] - The Stripe Reader S700 is Wi-Fi-enabled, supports both countertop and handheld use, and is designed for ease of operation, available in 25 countries [3]

Core Insights - AsiaFIN Holdings Corp. will report its financial results for Q3 2025 on November 11, 2025, after U.S. market close [1] - A webcast is scheduled for November 13, 2025, at 8:30 a.m. to discuss the financial results [1]

Core Insights - Affirm experienced significant growth in 0% APR installment volumes, which increased by 74% as over 40,000 merchants offered interest-free options, enhancing value for both merchants and consumers [1][7] - The company reported a 42% growth in gross merchandise volume (GMV), reaching $10.8 billion, with nearly half of this growth attributed to direct merchant integrations and a third from direct-to-consumer channels [1][3] - Affirm's partnership with Amazon has been extended for an additional five years, solidifying a key relationship for future growth [2] Financial Performance - Gross merchandise volume rose 42% to $10.8 billion, while revenue increased by 34% to $933 million [3] - Direct-to-consumer GMV surged by 53% to $3.2 billion, driven by a 135% increase in Affirm Card volume to $1.4 billion [5] - Active consumers grew by 24% to 24.1 million, with transactions per active consumer rising from 5.1 to 6.1 [9] Market Expansion - The number of merchants increased by 30% to 419,000, indicating strong momentum in the market [8] - Wallet partners contributed over $7 billion in GMV, reflecting a nearly 70% increase [8] - Affirm's funding capacity rose to $26.6 billion, supporting over $60 billion in annual GMV, with projections for fiscal 2026 exceeding $47.5 billion [9] Consumer Insights - Affirm's consumer base is healthy, with low delinquency and default rates, tracking to less than 1% of GMV for recent Pay in 4 loans [8] - The company is focusing on expanding access to younger consumers and those typically overlooked by traditional credit systems [6]

Group 1 - The core point of the articles highlights that private financing activities for large U.S. startups are significantly more active than IPOs this year, with 21 private financing deals exceeding $1 billion totaling $108 billion compared to only 10 IPOs raising $13.3 billion [1] - The trend is driven by the demand for growth funding in the private market, where investors are willing to finance companies before they become profitable, reducing the urgency for these companies to go public [2] - Despite the current preference for remaining private, it is widely believed that these high-valued private companies will eventually pursue IPOs to maximize their value at the peak of their development [2] Group 2 - The performance of large IPOs this year has been mixed, with an average return rate of 40%, outperforming the S&P 500 index, yet 4 out of 10 companies have seen their stock prices fall below the issue price [3] - The overall strong performance is primarily driven by a few companies, such as stablecoin issuer Circle and CoreWeave [3]

Financial Data and Key Metrics Changes - The company generated just over $1.2 billion in revenue, up 25% year-over-year [8][20] - Non-GAAP operating margin was maintained above 50%, with non-GAAP EPS at $0.62, reflecting a 15% increase year-over-year [9][26] - Q2 bookings and revenue were over $1.2 billion, up 27% and 25% year-over-year, respectively [20] Business Line Data and Key Metrics Changes - The consumer fintech business, MoneyLion, grew by 50% [8] - The cybersafety segment saw bookings grow by 5% year-over-year, with a robust operating margin of 61% [9][21] - The trust-based solution segment's revenue increased over 25% on a pro forma basis, with an operating margin of 30% [11][22] Market Data and Key Metrics Changes - The company serves over 77 million customers, with a sequential increase of approximately 1 million [24] - The employee benefits channel continues to grow in double digits, reflecting strong demand for bundled solutions [21] Company Strategy and Development Direction - The company aims to be a leader in consumer cybersafety and fintech, focusing on secure financial wellness [8][14] - There is a strategic emphasis on integrating AI across products and enhancing customer engagement through personalized offerings [15][16] - The company is raising its annual guidance to $4.92 to $4.97 billion, reflecting strong momentum and a commitment to innovation [17][29] Management's Comments on Operating Environment and Future Outlook - Management noted the increasing complexity of the threat landscape and the importance of consumer trust in financial wellness [6][7] - The company has not observed significant changes in consumer behavior despite economic fluctuations, indicating resilience in its subscription and security revenue streams [39][40] Other Important Information - The company is focused on disciplined growth investments in AI, data, and platform architecture to enhance customer value [9][15] - The integration of MoneyLion is progressing smoothly, unlocking revenue synergies and enhancing the customer experience [12][41] Q&A Session Summary Question: What is the view on the macro environment and consumer health? - Management indicated that there is no significant correlation between economic downturns and subscription revenue, and consumer demand for financial wellness remains strong [37][39] Question: Can you discuss the trajectory of partner revenue? - Management expects partner revenue to continue growing faster than direct revenue, driven by embedded services and marketplace expansion [49][50] Question: What are the keys to momentum in upselling Norton 360 memberships? - The introduction of new features like Norton Genie and Norton Money is enhancing customer engagement and driving upsell opportunities [58][60] Question: How does the company view the profitability of the MoneyLion business? - Management highlighted that MoneyLion's operating margin is currently around 20%, with a focus on balancing subscription and transaction-based revenue [72][73] Question: What drove the sequential growth in cybersafety customers? - Management attributed the growth to increased engagement, improved retention, and effective customer acquisition strategies [61][62]