{"id":76674,"date":"2023-10-25T12:42:51","date_gmt":"2023-10-25T16:42:51","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/block-paypal-stocks-are-dropping-whats-shaking-the-fintech-sector\/"},"modified":"2023-10-25T12:42:55","modified_gmt":"2023-10-25T16:42:55","slug":"block-paypal-stocks-are-dropping-whats-shaking-the-fintech-sector","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=76674","title":{"rendered":"Block, PayPal Stocks Are Dropping. What&#8217;s Shaking the Fintech Sector."},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000779987\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<p>        <!-- eventually when we know what this card will be we can change it and leave this one --><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>Financial-technology stocks were falling early Wednesday. A warning from a major European payments company was sending jitters through the industry.\u00a0<\/p>\n<p>\n        Worldline<br \/>\n       (WLN.France), a major payments company based in France, slashed its full-year guidance on Wednesday as an economic slowdown hit sales and profitability in key markets. <\/p>\n<div class=\"paywall\">\n<p>Consumers are directing their spending toward essential items such as housing and food, rather than discretionary expenses such as entertainment or luxury goods, Worldline said.<\/p>\n<p>Worldline shares fell 59% in Paris. The warning spread nerves throughout the payments and fintech industry. Shares of payments company<br \/>\n        Block<br \/>\n       (SQ) dropped 6.7%, and<br \/>\n        PayPal Holdings<br \/>\n       (PYPL) was down 4.4%.\u00a0\u00a0<\/p>\n<p>Worldline focuses on business in Europe, and specifically called out Germany as a country where the macroeconomic environment was deteriorating.\u00a0Worldline said it is now expecting 6% to 7% growth in organic sales for the year, after previously forecasting 8% to 10% growth this year.<\/p>\n<p>PayPal generated around 18% of its revenue from Europe last year, while it accounted for just 3.3% of Block\u2019s revenue, according to FactSet.<\/p>\n<p>The warning from Worldline came as a contrast to relatively upbeat earnings from<br \/>\n        Visa<br \/>\n      (V), which was boosted by a continued postpandemic rebound in international travel. Visa shares were up 0.9% early on Wednesday. <\/p>\n<p>Analysts at Mizuho Securities said worries for U.S. companies from Worldline\u2019s warnings looked to be overblown, due to limited European exposure and the fact  Visa hadn\u2019t warned of recession in its own outlook. <\/p>\n<p>However, shareholders have reason to be wary of PayPal and Square, which\u00a0have fallen about 80% over the last two years. The stocks had been boosted by a surge in e-commerce spending during the Covid-19 pandemic. Square and PayPal now confront a tougher macroeconomic backdrop and\u00a0both\u00a0are undergoing management changes.<\/p>\n<p>They also face stiffer competition from<br \/>\n        Apple<br \/>\n       (AAPL) and Google-parent<br \/>\n        Alphabet<br \/>\n      (GOOG), which are expanding their digital-payment services. MacRumors, a popular site for Apple news, reported on Tuesday that Apple appears to have now launched its buy now, pay later feature for all qualifying U.S. residents after previously limiting it to an invite-only policy. Buy now, pay later is a key growth area in the payments sector. <\/p>\n<p>\u201cApple Pay is a potential explanation for why the market is structurally getting nervous about long-term growth and profitability of the payments industry,\u201d said Peter Garnry, head of equity strategy at Saxo Bank, on Wednesday. <\/p>\n<p>Other European payments companies were also hit hard on Wednesday. Dutch company<br \/>\n        Adyen<br \/>\n       (ADYEN.Netherlands) fell6.8% in Amsterdam and Italy\u2019s<br \/>\n        Nexi<br \/>\n       (NEXI.Italy) dropped 14%.<\/p>\n<p>Write to Adam Clark at adam.clark@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/block-paypal-stocks-worldline-payments-b139337c?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Financial-technology stocks were falling early Wednesday. A warning from a major European payments company was sending jitters through the industry.\u00a0 Worldline (WLN.France), a major payments company based in France, slashed its full-year guidance on Wednesday as an economic slowdown hit sales and profitability in key markets. Consumers are directing their spending toward essential items such [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":76675,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-76674","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Block, PayPal Stocks Are Dropping. What&#039;s Shaking the Fintech Sector. | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Financial-technology stocks were falling early Wednesday. 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