Telehealth provider Amwell on Wednesday (July 31) reported second-quarter revenue of $62.8 million (above guidance of $61.1 million), driven by $27.5 million in subscription revenue and $28.7 million from visits to Amwell Medical Group (AMG).
\nDespite a net loss of $49.9 million \u2014 down from $73.4 million in Q1 2024 \u2014 Amwell achieved a reduced adjusted EBITDA loss of $35 million, compared to $45.7 million in the prior quarter. Amwell\u2019s gross margin stood at 37% while total visits reached 1.5 million, with about 70% occurring on the Converge telehealth platform.
\n\u201cWe\u2019re very focused on making sure Converge becomes a reliable asset in the market,\u201d Amwell CEO Ido Schoenberg said during the earnings call.
\nIn mid-June, Amwell announced that co-founder Roy Schoenberg stepped down from his position as president and co-CEO to become executive vice chairman of the board. Ido Schoenberg became the sole CEO. Roy Schoenberg, who co-founded the company in 2006, has been instrumental in advancing digital healthcare, shaping its integration into modern patient and clinician experiences.
\n\u201cIn Q2, we advanced on all fronts,\u201d Ido Schoenberg said. \u201cOur focus remains sharp as we implement key strategies supporting our growth trajectory for 2025, aiming for adjusted EBITDA breakeven in 2026.\u201d He highlighted ongoing efforts in cost alignment and strategic deployments, including for the U.S. Military Health System.
\nThe company\u2019s revenue and visit projections for the year remain unchanged, with expected revenue between $259 million and $269 million and AMG visits between 1.6 and 1.7 million.
\nIdo Schoenberg noted that Amwell\u2019s digital-first approach is \u201cresonating. We offer an end-to-end comprehensive solution that\u2019s dependable, safe and secure with a proven track record at scale. We believe our deep integrations and vast deployments form long-term bonds with healthcare organizations.\u201d
\nDespite the progress, ongoing net losses reflect the challenges in achieving profitability within the competitive telehealth sector. But Amwell leaders remained optimistic.
\n\u201cWe are executing well and are energized by our results,\u201d Ido Schoenberg said. \u201cConverge is rapidly becoming a clear best of breed in the market with 70% of our volume. We are pleased to see people are using this platform across the board for multiple programs.\u201d
\nProviders are looking for efficiency and growth and better ways to serve their patients, he added.
\n\u201cWhat\u2019s resonating is the peace of mind\u201d users receive when using the Converge system, he said. \u201cWe believe that trend will become stronger and stronger as more people begin their interactions with digital health online. We\u2019re enabling technology that allows them to do well and achieve their business goals through what we created.\u201d
\nIdo Schoenberg addressed a question about AI: \u201cAI is enormously important in our industry. There are many areas AI will influence our roadmap in the coming years. The promise of AI has an impact on pretty much every activity of our operation, and we\u2019re thrilled about the opportunity.\u201d
\nThe post Amwell Beats Q2 Expectations on Subscription Revenue Strength appeared first on PYMNTS.com.
\n", "content_text": "Telehealth provider Amwell on Wednesday (July 31) reported second-quarter revenue of $62.8 million (above guidance of $61.1 million), driven by $27.5 million in subscription revenue and $28.7 million from visits to Amwell Medical Group (AMG).\nDespite a net loss of $49.9 million \u2014 down from $73.4 million in Q1 2024 \u2014 Amwell achieved a reduced adjusted EBITDA loss of $35 million, compared to $45.7 million in the prior quarter. Amwell\u2019s gross margin stood at 37% while total visits reached 1.5 million, with about 70% occurring on the Converge telehealth platform.\n\u201cWe\u2019re very focused on making sure Converge becomes a reliable asset in the market,\u201d Amwell CEO Ido Schoenberg said during the earnings call.\nIn mid-June, Amwell announced that co-founder Roy Schoenberg stepped down from his position as president and co-CEO to become executive vice chairman of the board. Ido Schoenberg became the sole CEO. Roy Schoenberg, who co-founded the company in 2006, has been instrumental in advancing digital healthcare, shaping its integration into modern patient and clinician experiences.\n\u201cIn Q2, we advanced on all fronts,\u201d Ido Schoenberg said. \u201cOur focus remains sharp as we implement key strategies supporting our growth trajectory for 2025, aiming for adjusted EBITDA breakeven in 2026.\u201d He highlighted ongoing efforts in cost alignment and strategic deployments, including for the U.S. Military Health System.\nThe company\u2019s revenue and visit projections for the year remain unchanged, with expected revenue between $259 million and $269 million and AMG visits between 1.6 and 1.7 million.\nIdo Schoenberg noted that Amwell\u2019s digital-first approach is \u201cresonating. We offer an end-to-end comprehensive solution that\u2019s dependable, safe and secure with a proven track record at scale. We believe our deep integrations and vast deployments form long-term bonds with healthcare organizations.\u201d\nDespite the progress, ongoing net losses reflect the challenges in achieving profitability within the competitive telehealth sector. But Amwell leaders remained optimistic.\n\u201cWe are executing well and are energized by our results,\u201d Ido Schoenberg said. \u201cConverge is rapidly becoming a clear best of breed in the market with 70% of our volume. We are pleased to see people are using this platform across the board for multiple programs.\u201d\nProviders are looking for efficiency and growth and better ways to serve their patients, he added.\n\u201cWhat\u2019s resonating is the peace of mind\u201d users receive when using the Converge system, he said. \u201cWe believe that trend will become stronger and stronger as more people begin their interactions with digital health online. We\u2019re enabling technology that allows them to do well and achieve their business goals through what we created.\u201d\nIdo Schoenberg addressed a question about AI: \u201cAI is enormously important in our industry. There are many areas AI will influence our roadmap in the coming years. The promise of AI has an impact on pretty much every activity of our operation, and we\u2019re thrilled about the opportunity.\u201d\nThe post Amwell Beats Q2 Expectations on Subscription Revenue Strength appeared first on PYMNTS.com.", "date_published": "2024-07-31T20:02:03-04:00", "date_modified": "2024-07-31T20:02:03-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/Amwell-telehealth-earnings.jpg", "tags": [ "Amwell", "converge", "digital transformation", "Earnings", "Healthcare", "HealthTech", "Ido Schoenberg", "News", "PYMNTS News", "telehealth", "virtual healthcare" ] }, { "id": "https://www.pymnts.com/?p=2019967", "url": "https://www.pymnts.com/earnings/2024/lemonades-tech-obsession-sees-ai-handling-30percent-of-interactions/", "title": "Lemonade\u2019s \u2018Tech Obsession\u2019 Sees AI Handling 30% of Interactions", "content_html": "Digital insurance provider\u00a0Lemonade\u00a0is continuing to incorporate artificial intelligence (AI) into its business.
\n\u201cInvestors and analysts often ask about the practical impact of our investments in building our own tech-based insurance tech. I believe our recent quarterly results clearly demonstrate that,\u201d Lemonade Co-founder and Co-CEO\u00a0Shai Wininger said on a Wednesday (July 31)\u00a0earnings call.
\n\u201cWith large parts of our business running on code rather than people, I believe our tech obsession is paying off in a big way and help separate us from incumbents in visible, measurable, and impactful ways.\u201d
\nFor example, management said on the call, AI has\u00a0become increasingly good\u00a0at identifying customers with “unhealthy lifetime value,\u201d said Chief Financial Officer Tim Bixby, especially certain policy holders with catastrophic risk exposure.
\nWininger added that Lemonade’s underwriting customer service and claims management, employee management, administration, engineering and product operations all use AI heavily.
\n\u201cAs an example, in just over a year, we went from a standing start to having comprehensively rolled out generative AI platform to handle incoming customer communications,\u201d he said. \u201cWe handle email and text communications coming in. We\u2019re now handling more than 30% of these interactions with absolutely no human intervention.\u201d
\nIn addition, Lemonade is working on a new tech program \u2014 code-named \u201cL2\u201d \u2014 designed to enhance things like underwriting, insurance, operations, compliance, and product development, Wininger added.
\nThe earnings report showed Lemonade\u2019s revenues increasing 17%, while the company’s loss ratio came to 79%, a 15-point improvement over the second quarter of last year.
\nLemonade\u2019s efforts to streamline its tech come as an increasing number of consumers are receiving\u00a0insurance claim payouts\u00a0instantly, as recent PYMNTS Intelligence research shows.
\nIn fact, the percentage of consumers using instant payments as their chief method for receiving insurance claims of all kinds has been on the increase for the last seven years and reached an all-time high of 33% as of January 2024.
\n\u201cEven as most insurance claim disbursements are sent instantly more often, healthcare disbursements are an exception,\u201d a recent PYMNTS report notes.
\n\u201cAfter a\u00a0relative plateau\u00a0from 2021 to 2023, the share of consumers receiving healthcare claim payouts via instant payments dropped from a high of 31% in January 2023 to 28% in January 2024. This decline could be attributed to heightened consumer security concerns.\u201d
\nThe post Lemonade\u2019s \u2018Tech Obsession\u2019 Sees AI Handling 30% of Interactions appeared first on PYMNTS.com.
\n", "content_text": "Digital insurance provider\u00a0Lemonade\u00a0is continuing to incorporate artificial intelligence (AI) into its business.\n\u201cInvestors and analysts often ask about the practical impact of our investments in building our own tech-based insurance tech. I believe our recent quarterly results clearly demonstrate that,\u201d Lemonade Co-founder and Co-CEO\u00a0Shai Wininger said on a Wednesday (July 31)\u00a0earnings call.\n\u201cWith large parts of our business running on code rather than people, I believe our tech obsession is paying off in a big way and help separate us from incumbents in visible, measurable, and impactful ways.\u201d\nFor example, management said on the call, AI has\u00a0become increasingly good\u00a0at identifying customers with “unhealthy lifetime value,\u201d said Chief Financial Officer Tim Bixby, especially certain policy holders with catastrophic risk exposure.\nWininger added that Lemonade’s underwriting customer service and claims management, employee management, administration, engineering and product operations all use AI heavily.\n\u201cAs an example, in just over a year, we went from a standing start to having comprehensively rolled out generative AI platform to handle incoming customer communications,\u201d he said. \u201cWe handle email and text communications coming in. We\u2019re now handling more than 30% of these interactions with absolutely no human intervention.\u201d\nIn addition, Lemonade is working on a new tech program \u2014 code-named \u201cL2\u201d \u2014 designed to enhance things like underwriting, insurance, operations, compliance, and product development, Wininger added.\nThe earnings report showed Lemonade\u2019s revenues increasing 17%, while the company’s loss ratio came to 79%, a 15-point improvement over the second quarter of last year.\nLemonade\u2019s efforts to streamline its tech come as an increasing number of consumers are receiving\u00a0insurance claim payouts\u00a0instantly, as recent PYMNTS Intelligence research shows.\nIn fact, the percentage of consumers using instant payments as their chief method for receiving insurance claims of all kinds has been on the increase for the last seven years and reached an all-time high of 33% as of January 2024.\n\u201cEven as most insurance claim disbursements are sent instantly more often, healthcare disbursements are an exception,\u201d a recent PYMNTS report notes.\n\u201cAfter a\u00a0relative plateau\u00a0from 2021 to 2023, the share of consumers receiving healthcare claim payouts via instant payments dropped from a high of 31% in January 2023 to 28% in January 2024. This decline could be attributed to heightened consumer security concerns.\u201d\nThe post Lemonade\u2019s \u2018Tech Obsession\u2019 Sees AI Handling 30% of Interactions appeared first on PYMNTS.com.", "date_published": "2024-07-31T14:43:34-04:00", "date_modified": "2024-07-31T22:39:21-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/05/Lemonade-insurance.jpg", "tags": [ "AI", "artificial intelligence", "B2B", "B2B Payments", "commercial payments", "Digital Insurance", "Earnings", "Insurance", "Lemonade", "News", "PYMNTS News", "Technology", "What's Hot", "What's Hot In B2B" ] }, { "id": "https://www.pymnts.com/?p=2019895", "url": "https://www.pymnts.com/earnings/2024/fiverr-sees-6percent-revenue-rise-q2-announces-acquisition-autods/", "title": "Fiverr Sees 6% Revenue Rise in Q2 Despite \u2018Volatile\u2019 Market for Freelancers", "content_html": "Freelancer platform Fiverr saw its revenue rise 6% year over year, to $94.7 million, in the second quarter of 2024 despite macroeconomic volatility.
\nIn the company\u2019s Wednesday (July 31) earnings report, Fiverr also announced its acquisition of AutoDS, a subscription-based drop-shipping platform. AutoDS, known for its product research, inventory management and automated fulfillment services, is set to enhance Fiverr\u2019s eCommerce capabilities and introduce a new subscription-based revenue stream.
\nIn addition to the acquisition, Fiverr launched a new profession-based catalog and hourly contracts, broadening its market reach and aligning with its strategy to evolve from a marketplace to a comprehensive platform offering talent access and software solutions.
\nFiverr also completed a $100 million share buyback program, focusing on optimizing capital allocation to drive steady growth in free cash flow.
\n\u201cWe delivered solid results for Q2 and reiterated our full-year guidance,\u201d Fiverr founder and CEO Micha Kaufman said during the company\u2019s Wednesday earnings call. \u201cWhile the SMB and freelancer hiring space remain volatile, we continue to execute with consistency and efficiency. At the same time, we are expanding our product portfolio through both organic and inorganic investments to create additional growth catalysts.\u201d
\nThe company\u2019s active buyers dropped 8% during the quarter, from 4.2 million to 3.9 million. Spending per buyer, however, increased 10%, from $265 to $290.
\nKaufman said the acquisition of AutoDS, which manages over 150 million products and serves tens of thousands of subscribers, supports Fiverr\u2019s transition from a marketplace to a platform offering talent and software solutions. As the global drop-shipping market is projected to grow from $285 billion to over $2 trillion by 2033, AutoDS\u2019s automation tools and extensive network will bolster Fiverr\u2019s growth and digital service capabilities.
\n\u201cDrop-shipping is a category that we\u2019ve been seeing growth,\u201d Kaufman said. \u201cWe had a very sizable community of people who either are offering drop-shipping or offer services related to drop-shipping. It allows us to double down and accelerate.\u201d
\nOne of Fiverr\u2019s summer product releases is Neo, an advanced artificial intelligence-driven tool designed to assist customers in accurately defining their projects and matching with freelance talent. It combines technology and algorithms to offer a personalized recruiting experience, providing an alternative to traditional human recruiters.
\n\u201cFor new customers, Neo provides the guidance you need to navigate Fiverr\u2019s massive catalog of services and talent,\u201d a Fiverr shareholder letter said. \u201cFor long-time loyalists, Neo is trained to understand your preferences and provide you the most relevant recommendations for your next project.\u201d
\n\u201cHaving Neo is like having a strategist by your side when it comes to product briefing,\u201d the letter added. \u201cIt transforms customers\u2019 ideas into a structured brief that not only looks good, but also delivers better business results.\u201d
\nKaufman said during the call, \u201cWe are in the early innings of releasing the full potential of AI in our marketplace.\u201d
\nFiverr experienced a traffic pullback in June and July, particularly in programming and tech, reflecting broader macroeconomic challenges and persistent weakness in small- to medium-sized business (SMB) sentiment. Despite a 7% year-over-year decline in U.S. job openings and a 17% drop in the information sector, AI continues to drive growth for Fiverr, particularly in complex services, and is expected to be a growth driver moving forward, Kaufman said on the call.
\n\u201cThe hiring space is not seeing its brightest moment right now,\u201d Kaufman said, but cautioned, \u201cwhat we\u2019re seeing is something we can\u2019t call a steady trend.\u201d
\nThe post Fiverr Sees 6% Revenue Rise in Q2 Despite \u2018Volatile\u2019 Market for Freelancers appeared first on PYMNTS.com.
\n", "content_text": "Freelancer platform Fiverr saw its revenue rise 6% year over year, to $94.7 million, in the second quarter of 2024 despite macroeconomic volatility.\nIn the company\u2019s Wednesday (July 31) earnings report, Fiverr also announced its acquisition of AutoDS, a subscription-based drop-shipping platform. AutoDS, known for its product research, inventory management and automated fulfillment services, is set to enhance Fiverr\u2019s eCommerce capabilities and introduce a new subscription-based revenue stream.\nIn addition to the acquisition, Fiverr launched a new profession-based catalog and hourly contracts, broadening its market reach and aligning with its strategy to evolve from a marketplace to a comprehensive platform offering talent access and software solutions.\nFiverr also completed a $100 million share buyback program, focusing on optimizing capital allocation to drive steady growth in free cash flow.\n\u201cWe delivered solid results for Q2 and reiterated our full-year guidance,\u201d Fiverr founder and CEO Micha Kaufman said during the company\u2019s Wednesday earnings call. \u201cWhile the SMB and freelancer hiring space remain volatile, we continue to execute with consistency and efficiency. At the same time, we are expanding our product portfolio through both organic and inorganic investments to create additional growth catalysts.\u201d\nThe company\u2019s active buyers dropped 8% during the quarter, from 4.2 million to 3.9 million. Spending per buyer, however, increased 10%, from $265 to $290.\nKaufman said the acquisition of AutoDS, which manages over 150 million products and serves tens of thousands of subscribers, supports Fiverr\u2019s transition from a marketplace to a platform offering talent and software solutions. As the global drop-shipping market is projected to grow from $285 billion to over $2 trillion by 2033, AutoDS\u2019s automation tools and extensive network will bolster Fiverr\u2019s growth and digital service capabilities.\n\u201cDrop-shipping is a category that we\u2019ve been seeing growth,\u201d Kaufman said. \u201cWe had a very sizable community of people who either are offering drop-shipping or offer services related to drop-shipping. It allows us to double down and accelerate.\u201d\nOne of Fiverr\u2019s summer product releases is Neo, an advanced artificial intelligence-driven tool designed to assist customers in accurately defining their projects and matching with freelance talent. It combines technology and algorithms to offer a personalized recruiting experience, providing an alternative to traditional human recruiters.\n\u201cFor new customers, Neo provides the guidance you need to navigate Fiverr\u2019s massive catalog of services and talent,\u201d a Fiverr shareholder letter said. \u201cFor long-time loyalists, Neo is trained to understand your preferences and provide you the most relevant recommendations for your next project.\u201d\n\u201cHaving Neo is like having a strategist by your side when it comes to product briefing,\u201d the letter added. \u201cIt transforms customers\u2019 ideas into a structured brief that not only looks good, but also delivers better business results.\u201d\nKaufman said during the call, \u201cWe are in the early innings of releasing the full potential of AI in our marketplace.\u201d\nFiverr experienced a traffic pullback in June and July, particularly in programming and tech, reflecting broader macroeconomic challenges and persistent weakness in small- to medium-sized business (SMB) sentiment. Despite a 7% year-over-year decline in U.S. job openings and a 17% drop in the information sector, AI continues to drive growth for Fiverr, particularly in complex services, and is expected to be a growth driver moving forward, Kaufman said on the call.\n\u201cThe hiring space is not seeing its brightest moment right now,\u201d Kaufman said, but cautioned, \u201cwhat we\u2019re seeing is something we can\u2019t call a steady trend.\u201d\nThe post Fiverr Sees 6% Revenue Rise in Q2 Despite \u2018Volatile\u2019 Market for Freelancers appeared first on PYMNTS.com.", "date_published": "2024-07-31T13:30:50-04:00", "date_modified": "2024-07-31T22:18:06-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/08/fiverr-earnings.jpg", "tags": [ "acquisitions", "AutoDS", "digital transformation", "Earnings", "Fiverr", "gig economy", "News", "platform economy", "PYMNTS News", "SMBs", "subscriptions" ] }, { "id": "https://www.pymnts.com/?p=2019698", "url": "https://www.pymnts.com/earnings/2024/new-deals-and-digital-expansion-drive-mastercards-q2-revenue-surge/", "title": "New Deals and Digital Expansion Drive Mastercard\u2019s Q2 Revenue Surge", "content_html": "Playing a hot hand of new deals and balanced global consumer spending, Mastercard posted double-digit revenue growth for the second quarter, as announced in its earnings call Wednesday (July 31).
\n\u201cThe macroeconomic environment remains mixed, and we continue to monitor the positives and negatives,\u201d Mastercard CEO Michael Miebach told the company\u2019s earnings call audience. \u201cStrength in consumer spending continues to be supported by a solid labor market and wage growth. While there are some signs of labor market growth moderating, this is off very strong levels of job creation. Also, inflation and interest rates remain in focus. We\u2019ve seen inflation cool, but to varying degrees across carded and non-carded categories.\u201d
\nMastercard reported a strong performance in the second quarter, with net revenue increasing by 14% year-over-year to $6.3 billion. This growth was driven by a significant rise in gross dollar volume (GDV), which saw a 12% increase to $2.1 trillion. Cross-border payment volumes also surged, growing by 24% as global travel and eCommerce transactions continued to recover from the pandemic.
\nAdditionally, revenue from value-added services and data saw a substantial uptick, contributing to the overall positive financial results. This segment experienced 19% growth, underpinned by the growing demand for cybersecurity solutions, data analytics, and other advisory services, leading Miebach to comment: \u201cThese results reflect how payments and services enable each other to create differentiated value for our customers and help us realize even more of the shift to digital.
\nMiebach highlighted several key achievements and initiatives following the Q2 earnings announcement. Mastercard won new deals, including a significant conversion of neobank Varo Bank\u2019s debit and credit portfolios to Mastercard, and an extension of its enterprise agreement with Wells Fargo. Additionally, Mastercard renewed partnerships with major U.S. prepaid partners and extended its collaboration with the National Bank of Canada and Postapay. In Africa, Mastercard expanded its footprint with new co-brand deals with Ethiopian Airlines and other regional banks, enhancing digital and mobile money acceptance.
\nMiebach emphasized new payment flows, such as the virtual card issuance solution with Checkout.com for online travel agencies and a multi-year agreement with Wells Fargo and Expedia. He noted Mastercard\u2019s commitment to security and tokenization, with 22 billion tokenized transactions in the first half of 2024, reducing fraud and improving approval rates. Mastercard\u2019s efforts in enhancing the checkout experience include scaling biometric checkout programs and migrating Maestro cards to debit Mastercard to capture cross-border and online spend more effectively.
\nMastercard\u2019s initiatives in Africa are part of a broader strategy to drive digital transformation in regions with high cash transaction rates. Miebach pointed out Mastercard\u2019s investments in partnerships with large telcos and mobile network operators, tripling acceptance locations in Africa over five years. He also mentioned significant progress in open banking, with partners like Klarna, PayPal, and Jack Henry leveraging Mastercard\u2019s open banking capabilities for account opening, linking and balance checks.
\nThe quarterly call gave analysts a chance to ask Miebach about the late-June rejection of Visa\u00a0and\u00a0Mastercard\u2019s\u00a0$30 billion swipe fee settlement with merchants. In that ruling, U.S. District\u00a0Judge Margo Brodie\u00a0stated\u00a0that the\u00a0two companies seem to be able to pay for a \u201csubstantially\u201d bigger settlement. She also argued that the proposed deal would have \u201cdisproportionately and inequitably\u201d benefited small, local merchants over larger retailers like Walmart and Target.
\n\u201cWe\u2019re disappointed where this has landed for now,\u201d Miebach told the call. \u201cAnd I would describe it as we respectfully disagree with the court\u2019s ruling to reject the settlement. This has been negotiated over many years across many parties, I think with best intentions, and it would have produced a lot of benefits for consumers, for merchants, and across all parties. So, this is now not happening. We are obviously ready, and we will take all effort to ensure that a solution is found before this goes to trial. Engage all parties. We\u2019ve done this in previous scenarios before. It\u2019s difficult to speculate about outcomes at this point, but I think this intention to lean in and see how we can provide more security predictability to merchants and banks and all parties here is what\u2019s driving us. So, there\u2019s a number of codefendants in this, and everybody will obviously take their own decisions here. But across the board, obviously there has to be a dialogue and find the best outcome of this.\u201d
\nThe post New Deals and Digital Expansion Drive Mastercard\u2019s Q2 Revenue Surge appeared first on PYMNTS.com.
\n", "content_text": "Playing a hot hand of new deals and balanced global consumer spending, Mastercard posted double-digit revenue growth for the second quarter, as announced in its earnings call Wednesday (July 31).\n\u201cThe macroeconomic environment remains mixed, and we continue to monitor the positives and negatives,\u201d Mastercard CEO Michael Miebach told the company\u2019s earnings call audience. \u201cStrength in consumer spending continues to be supported by a solid labor market and wage growth. While there are some signs of labor market growth moderating, this is off very strong levels of job creation. Also, inflation and interest rates remain in focus. We\u2019ve seen inflation cool, but to varying degrees across carded and non-carded categories.\u201d\nMastercard reported a strong performance in the second quarter, with net revenue increasing by 14% year-over-year to $6.3 billion. This growth was driven by a significant rise in gross dollar volume (GDV), which saw a 12% increase to $2.1 trillion. Cross-border payment volumes also surged, growing by 24% as global travel and eCommerce transactions continued to recover from the pandemic.\nAdditionally, revenue from value-added services and data saw a substantial uptick, contributing to the overall positive financial results. This segment experienced 19% growth, underpinned by the growing demand for cybersecurity solutions, data analytics, and other advisory services, leading Miebach to comment: \u201cThese results reflect how payments and services enable each other to create differentiated value for our customers and help us realize even more of the shift to digital.\nMiebach highlighted several key achievements and initiatives following the Q2 earnings announcement. Mastercard won new deals, including a significant conversion of neobank Varo Bank\u2019s debit and credit portfolios to Mastercard, and an extension of its enterprise agreement with Wells Fargo. Additionally, Mastercard renewed partnerships with major U.S. prepaid partners and extended its collaboration with the National Bank of Canada and Postapay. In Africa, Mastercard expanded its footprint with new co-brand deals with Ethiopian Airlines and other regional banks, enhancing digital and mobile money acceptance.\nMiebach emphasized new payment flows, such as the virtual card issuance solution with Checkout.com for online travel agencies and a multi-year agreement with Wells Fargo and Expedia. He noted Mastercard\u2019s commitment to security and tokenization, with 22 billion tokenized transactions in the first half of 2024, reducing fraud and improving approval rates. Mastercard\u2019s efforts in enhancing the checkout experience include scaling biometric checkout programs and migrating Maestro cards to debit Mastercard to capture cross-border and online spend more effectively.\nMastercard\u2019s initiatives in Africa are part of a broader strategy to drive digital transformation in regions with high cash transaction rates. Miebach pointed out Mastercard\u2019s investments in partnerships with large telcos and mobile network operators, tripling acceptance locations in Africa over five years. He also mentioned significant progress in open banking, with partners like Klarna, PayPal, and Jack Henry leveraging Mastercard\u2019s open banking capabilities for account opening, linking and balance checks.\nThe quarterly call gave analysts a chance to ask Miebach about the late-June rejection of Visa\u00a0and\u00a0Mastercard\u2019s\u00a0$30 billion swipe fee settlement with merchants. In that ruling, U.S. District\u00a0Judge Margo Brodie\u00a0stated\u00a0that the\u00a0two companies seem to be able to pay for a \u201csubstantially\u201d bigger settlement. She also argued that the proposed deal would have \u201cdisproportionately and inequitably\u201d benefited small, local merchants over larger retailers like Walmart and Target.\n\u201cWe\u2019re disappointed where this has landed for now,\u201d Miebach told the call. \u201cAnd I would describe it as we respectfully disagree with the court\u2019s ruling to reject the settlement. This has been negotiated over many years across many parties, I think with best intentions, and it would have produced a lot of benefits for consumers, for merchants, and across all parties. So, this is now not happening. We are obviously ready, and we will take all effort to ensure that a solution is found before this goes to trial. Engage all parties. We\u2019ve done this in previous scenarios before. It\u2019s difficult to speculate about outcomes at this point, but I think this intention to lean in and see how we can provide more security predictability to merchants and banks and all parties here is what\u2019s driving us. So, there\u2019s a number of codefendants in this, and everybody will obviously take their own decisions here. But across the board, obviously there has to be a dialogue and find the best outcome of this.\u201d\nThe post New Deals and Digital Expansion Drive Mastercard\u2019s Q2 Revenue Surge appeared first on PYMNTS.com.", "date_published": "2024-07-31T13:07:36-04:00", "date_modified": "2024-07-31T13:07:36-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/10/Mastercard.jpg", "tags": [ "credit cards", "cross-border payments", "Cybersecurity", "debit", "Earnings", "economy", "inflation", "MasterCard", "Michael Miebach", "News", "PYMNTS News", "Varo Bank", "wells fargo" ] }, { "id": "https://www.pymnts.com/?p=2019557", "url": "https://www.pymnts.com/earnings/2024/lendingclub-sees-traction-building-lifetime-lending-relationships/", "title": "LendingClub Sees Traction Building \u2018Lifetime Lending Relationships\u2019", "content_html": "LendingClub\u2019s latest results noted growth in loan originations, a surge in repeat business \u2014 and cross-pollination efforts that management said reflect the ability to deepen, and lengthen, customer relationships.
\nCEO Scott Sanborn noted on the conference call with analysts that originations were up 10% to more than $1.8 billion.
\n\u201cWe have calibrated the business to the current operating environment,\u201d he said on the call, as \u201cstrong credit performance\u201d was a hallmark of the quarter, and said that delinquency rates were 40% better than peer firms, due in part to the platform model that he said allows the firm to \u201crapidly respond to changing macro conditions.\u201d
\nCredit losses across all loan vintages have been stable to improving, he said.
\nThe structure certificate program, he said, continues to offer investors \u201can attractive\u201d alternative to warehouse loans and securitizations.
\nHe noted that consumers are gravitating to the company\u2019s platform to help pay off their credit card balances, where interest rates stand at historic highs, and said that the company\u2019s 5 million members are \u201chighly sought after\u201d customers with high FICO scoreds and high incomes.
\n\u201cThey are digitally savvy and eager to take steps to improve their financial outcomes,\u201d Sanborn said.
\nOne way the company plans to keep engagement at high levels is through the mobile app, said Sanborn, who added that LendingClub has been building \u201clifetime lending relationships\u201d that are illustrated in the second quarter results, which underscore that strategy.
\nDigital servicing tools available on the site have lowered the operational costs of originating a personal loan by one-third over the past year, Sanborn said.
\n\u201cOur mobile app provides a powerful platform for engaging members after acquisition,\u201d said Sanborn, who added that following a limited release earlier in the year, the company began marketing the app to customers more broadly this quarter, as first-time downloads doubled during the quarter, and there was a 20% month-over-month increase in app users in June.
\n\u201cThey\u2019re logging in about 25% more often than web-only users,\u201d Sanborn said, offering up an engaged audience to which LendingClub can communicate new offers and services.
\nAbout half of the company\u2019s members return for a second loan, he said \u2014 and they return at near-zero acquisition costs. The credit performance is up to 20% better than new borrowers, Sanborn said.\u00a0 These repeat customers have also been embracing offerings such as TopUp, which allows members to access cash while swapping out of their existing LendingClub personal loans at the same or better rate.\u00a0 Those innovations, underpinned by the company\u2019s digital bank, he said, help deepen relationships with consumers.
\nCFO Drew LaBenne said that the originations were above the high end of the company\u2019s guidance. Company supplementals reveal that 30-day delinquencies were better than competitors across all FICO scores, where the data show, for example, that in the 660-719 FICO range, the competition figure was 45%, and LendingClub\u2019s was 2.4%.
\nThe company is guiding to current quarter loan originations of $1.8 billion to $1.9 billion.
\nLendingClub shares were up 1% after hours.
\nThe post LendingClub Sees Traction Building ‘Lifetime Lending Relationships’ appeared first on PYMNTS.com.
\n", "content_text": "LendingClub\u2019s latest results noted growth in loan originations, a surge in repeat business \u2014 and cross-pollination efforts that management said reflect the ability to deepen, and lengthen, customer relationships.\nCEO Scott Sanborn noted on the conference call with analysts that originations were up 10% to more than $1.8 billion. \n\u201cWe have calibrated the business to the current operating environment,\u201d he said on the call, as \u201cstrong credit performance\u201d was a hallmark of the quarter, and said that delinquency rates were 40% better than peer firms, due in part to the platform model that he said allows the firm to \u201crapidly respond to changing macro conditions.\u201d\nCredit losses across all loan vintages have been stable to improving, he said. \nThe structure certificate program, he said, continues to offer investors \u201can attractive\u201d alternative to warehouse loans and securitizations.\nHe noted that consumers are gravitating to the company\u2019s platform to help pay off their credit card balances, where interest rates stand at historic highs, and said that the company\u2019s 5 million members are \u201chighly sought after\u201d customers with high FICO scoreds and high incomes.\n\u201cThey are digitally savvy and eager to take steps to improve their financial outcomes,\u201d Sanborn said.\nOne way the company plans to keep engagement at high levels is through the mobile app, said Sanborn, who added that LendingClub has been building \u201clifetime lending relationships\u201d that are illustrated in the second quarter results, which underscore that strategy.\nDigital servicing tools available on the site have lowered the operational costs of originating a personal loan by one-third over the past year, Sanborn said.\n\u201cOur mobile app provides a powerful platform for engaging members after acquisition,\u201d said Sanborn, who added that following a limited release earlier in the year, the company began marketing the app to customers more broadly this quarter, as first-time downloads doubled during the quarter, and there was a 20% month-over-month increase in app users in June.\n\u201cThey\u2019re logging in about 25% more often than web-only users,\u201d Sanborn said, offering up an engaged audience to which LendingClub can communicate new offers and services.\nRepeat Business\nAbout half of the company\u2019s members return for a second loan, he said \u2014 and they return at near-zero acquisition costs. The credit performance is up to 20% better than new borrowers, Sanborn said.\u00a0 These repeat customers have also been embracing offerings such as TopUp, which allows members to access cash while swapping out of their existing LendingClub personal loans at the same or better rate.\u00a0 Those innovations, underpinned by the company\u2019s digital bank, he said, help deepen relationships with consumers.\nCFO Drew LaBenne said that the originations were above the high end of the company\u2019s guidance. Company supplementals reveal that 30-day delinquencies were better than competitors across all FICO scores, where the data show, for example, that in the 660-719 FICO range, the competition figure was 45%, and LendingClub\u2019s was 2.4%. \nThe company is guiding to current quarter loan originations of $1.8 billion to $1.9 billion.\nLendingClub shares were up 1% after hours.\nThe post LendingClub Sees Traction Building ‘Lifetime Lending Relationships’ appeared first on PYMNTS.com.", "date_published": "2024-07-30T20:19:39-04:00", "date_modified": "2024-07-30T20:19:39-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/LendingClub-earnings-3.jpg", "tags": [ "Digital Banking", "digital lending", "drew labenne", "Earnings", "LendingClub", "News", "PYMNTS News", "Scott Sanborn" ] }, { "id": "https://www.pymnts.com/?p=2019547", "url": "https://www.pymnts.com/earnings/2024/starbucks-mobile-outage-compounds-financial-woes-as-q3-sales-decline/", "title": "Starbucks\u2019 Mobile Outage Compounds Financial Woes as Q3 Sales Decline", "content_html": "Some Starbucks customers faced a disruption on Tuesday (July 30) as the company\u2019s mobile ordering system failed for the second time this month.
\nThe outage, affecting several major U.S. cities, left patrons dealing with long lines and forced to place orders in person, just as the company was gearing up for a major \u201cbuy one, get one free\u201d promotion.
\nThis latest technological glitch compounded Starbucks\u2019 recent challenges, as the company reported mixed financial results for its fiscal third quarter ending June 30. Global comparable store sales dipped 3%, driven by a 5% decrease in transactions despite a 2% rise in average ticket size. North American comparable store sales fell 2%, while international comparable sales saw a 7% decline, with China experiencing a sharp 14% drop.
\nDespite these hurdles, Starbucks continued its expansion, opening 526 new stores and ending the quarter with a total of 39,477 locations.
\nConsolidated net revenue declined 1% to $9.1 billion. Net revenue for the North America segment increased 1% over Q3 FY23, to $6.8 billion, mainly driven by net new company-operated store growth of 5% over the past 12 months. This increase was partially offset by a 2% decline in comparable store sales, driven by a 6% decline in comparable transactions, partially offset by a 3% increase in average ticket. Overall foot traffic fell 5%.
\nAmid the company\u2019s various challenges, Starbucks CEO\u00a0Laxman Narasimhan remained positive during a conference call accompanying third-quarter results, announced Tuesday (July 30).
\n\u201cWe\u2019re not satisfied with the results,\u201d Narasimhan said. \u201cOur three-part action plan is beginning to work and driving operational improvements that we expect to improve financial performance. Our growing culture of focused innovation and relentless execution continues to enhance our capabilities, while helping return the business to sustainable growth. Our runway for improvement is long.\u201d
\nOn the positive side, the Starbucks\u00a0Rewards loyalty program saw an increase in 90-day active members in the U.S., reaching totaling 33.8 million in Q3, representing a 7% year-over-year growth.
\n\u201cOur efficiency efforts, which are tracking ahead of expectations, partially offset investments associated with the cautious consumer environment,\u201d Chief Financial Officer Rachel Ruggeri said. \u201cCollectively, our disciplined approach enables us to preserve both balance sheet strength and flexibility, positioning us to successfully navigate through the current macroeconomic environment.\u201d
\nNarasimhan noted the company\u2019s best offers are in the app, noting 60% of revenue comes from its loyalty program. Improvements were made to the app, including wait time enhancements and order accuracy. He said data shows one in four non-loyalty members want the ability to use mobile order.
\nAs a result, \u201cwe opened MOP (mobile ordering & pay) for all,\u201d he said. \u201cWe believe enhanced customer experience, coupled with more frictionless ordering, will increase loyalty program membership.\u201d
\nNarasimhan said company officials continue to see weaknesses in some international markets. China remains a challenge, he noted, but Starbucks Rewards membership rose to 22 million.
\n\u201cWe see higher growth and opportunities in China in a business more digital, innovative, and locally relevant,\u201d he explained. \u201cWe\u2019re in the early stages of exploring strategic partnerships to accelerate our growth in China. The long-term opportunity for us is significant.\u201d
\nThe post Starbucks\u2019 Mobile Outage Compounds Financial Woes as Q3 Sales Decline appeared first on PYMNTS.com.
\n", "content_text": "Some Starbucks customers faced a disruption on Tuesday (July 30) as the company\u2019s mobile ordering system failed for the second time this month.\nThe outage, affecting several major U.S. cities, left patrons dealing with long lines and forced to place orders in person, just as the company was gearing up for a major \u201cbuy one, get one free\u201d promotion.\nThis latest technological glitch compounded Starbucks\u2019 recent challenges, as the company reported mixed financial results for its fiscal third quarter ending June 30. Global comparable store sales dipped 3%, driven by a 5% decrease in transactions despite a 2% rise in average ticket size. North American comparable store sales fell 2%, while international comparable sales saw a 7% decline, with China experiencing a sharp 14% drop.\nDespite these hurdles, Starbucks continued its expansion, opening 526 new stores and ending the quarter with a total of 39,477 locations.\nConsolidated net revenue declined 1% to $9.1 billion. Net revenue for the North America segment increased 1% over Q3 FY23, to $6.8 billion, mainly driven by net new company-operated store growth of 5% over the past 12 months. This increase was partially offset by a 2% decline in comparable store sales, driven by a 6% decline in comparable transactions, partially offset by a 3% increase in average ticket. Overall foot traffic fell 5%.\nAmid the company\u2019s various challenges, Starbucks CEO\u00a0Laxman Narasimhan remained positive during a conference call accompanying third-quarter results, announced Tuesday (July 30).\n\u201cWe\u2019re not satisfied with the results,\u201d Narasimhan said. \u201cOur three-part action plan is beginning to work and driving operational improvements that we expect to improve financial performance. Our growing culture of focused innovation and relentless execution continues to enhance our capabilities, while helping return the business to sustainable growth. Our runway for improvement is long.\u201d\nOn the positive side, the Starbucks\u00a0Rewards loyalty program saw an increase in 90-day active members in the U.S., reaching totaling 33.8 million in Q3, representing a 7% year-over-year growth.\n\u201cOur efficiency efforts, which are tracking ahead of expectations, partially offset investments associated with the cautious consumer environment,\u201d Chief Financial Officer Rachel Ruggeri said. \u201cCollectively, our disciplined approach enables us to preserve both balance sheet strength and flexibility, positioning us to successfully navigate through the current macroeconomic environment.\u201d\nNarasimhan noted the company\u2019s best offers are in the app, noting 60% of revenue comes from its loyalty program. Improvements were made to the app, including wait time enhancements and order accuracy. He said data shows one in four non-loyalty members want the ability to use mobile order.\nAs a result, \u201cwe opened MOP (mobile ordering & pay) for all,\u201d he said. \u201cWe believe enhanced customer experience, coupled with more frictionless ordering, will increase loyalty program membership.\u201d\nNarasimhan said company officials continue to see weaknesses in some international markets. China remains a challenge, he noted, but Starbucks Rewards membership rose to 22 million.\n\u201cWe see higher growth and opportunities in China in a business more digital, innovative, and locally relevant,\u201d he explained. \u201cWe\u2019re in the early stages of exploring strategic partnerships to accelerate our growth in China. The long-term opportunity for us is significant.\u201d\nThe post Starbucks\u2019 Mobile Outage Compounds Financial Woes as Q3 Sales Decline appeared first on PYMNTS.com.", "date_published": "2024-07-30T20:05:56-04:00", "date_modified": "2024-07-30T20:05:56-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/Starbucks-earnings.jpg", "tags": [ "Earnings", "food and beverages", "loyalty", "mobile apps", "Mobile ordering", "News", "PYMNTS News", "QSRs", "quick service restaurants", "Restaurants", "Retail", "Rewards", "starbucks" ] }, { "id": "https://www.pymnts.com/?p=2019540", "url": "https://www.pymnts.com/earnings/2024/western-unions-digital-surge-offsets-in-store-decline/", "title": "Western Union\u2019s Digital Surge Offsets In-Store Decline", "content_html": "The digital transformation of Western Union continues with the money-transfer company posting double-digit growth in global mobile and online transactions for the second quarter, despite headwinds from sanctions on Iraqi banks.
\nAs CEO Devin McGranahan told the company\u2019s earnings call, the digital growth was a major contributor to the period\u2019s milestone of four straight quarters of double-digit transaction growth, which hasn\u2019t been seen since 2018. That growth was adjusted due to sanctions placed on 14 Iraqi banks, which took revenue from that region alone from $118 million in Q2 2023 to just $30 million in 2024.
\n\u201cWe continue to believe that the consistent and sustainable transaction growth is the best indicator of the future health of our business,\u201d McGranahan said.
\nThe Iraqi headwinds and flat in-person retail transactions led to Western Union reporting an overall decrease in second-quarter revenue for 2024, totaling $1.07 billion, reflecting a 9% decline on a reported basis and a 7% decline on an adjusted basis. Despite this, the company saw a 4% increase in consumer money transfer (CMT) transactions, driven by a 13% growth in branded digital transactions. Consumer services revenue \u2014 which includes transaction fees from wire transfers as well as its other products like prepaid cards \u2014 also showed robust growth, increasing by 21% on a reported basis and 14% on an adjusted basis, lifted by strong performance in the retail money order business.
\nIn terms of earnings, Western Union\u2019s GAAP earnings per share (EPS) for the second quarter was $0.41, down from $0.47 in the same period last year, while adjusted EPS was $0.44, compared to $0.51 previously. The decrease in EPS was attributed to lower operating profit due to decreased revenue from Iraq, though this was somewhat offset by a reduced share count.
\nThe GAAP operating margin for the quarter was 17.9%, down from 20.7% in the prior year, with the adjusted operating margin at 19%, compared to 21.8% previously. Branded digital revenue increased by 5% on a reported basis and 7% on an adjusted basis, with branded digital transactions contributing 24% of total CMT revenues and 31% of total CMT transactions.
\nDespite the challenges, McGranahan said that the company is beginning to see positive adjusted revenue growth, excluding Iraq, and is optimistic about achieving sustainable positive revenue growth in 2025 and beyond.
\nHe pointed several times to a recent report from The World Bank, which found that \u201cremittances to LMICs (low- to middle-income countries) are expected to grow at a faster rate of 2.3% in 2024, although this growth will be uneven across regions. Potential downside risks to these projections include weaker than expected economic growth in high-income migrant-hosting countries and volatility in oil prices and currency exchange rates.\u201d
\nBut the biggest part of the company\u2019s Evolve 2025 strategy is to encourage digital growth. McGranahan told the call that over the past year it has been improving the effectiveness of digital marketing by cost effectively increasing top of funnel traffic in its digital properties around the globe. During June, he said Western Union saw visits to its U.S. websites up 20% year over year.
\n\u201cIn addition to driving traffic at the top of the funnel, we\u2019ve also made meaningful progress in simplifying the customer journey and improving our funnel conversion rates,\u201d he said.
\n\u201cAs part of that process, we have simplified the branded digital customer profile creation. We have reduced the steps required for a customer to complete a transaction and have modernized our user interface and moved from a multipage transaction funnel to a single page modular view.\u201d
\nIn addition to taking friction out of the process, the company is betting that its mobile apps will deliver in a similar fashion to Australia, where the first Western Union app was launched in 2022. Since that time digital transactions in the country have spiked 30%.
\nThe post Western Union’s Digital Surge Offsets In-Store Decline appeared first on PYMNTS.com.
\n", "content_text": "The digital transformation of Western Union continues with the money-transfer company posting double-digit growth in global mobile and online transactions for the second quarter, despite headwinds from sanctions on Iraqi banks.\nAs CEO Devin McGranahan told the company\u2019s earnings call, the digital growth was a major contributor to the period\u2019s milestone of four straight quarters of double-digit transaction growth, which hasn\u2019t been seen since 2018. That growth was adjusted due to sanctions placed on 14 Iraqi banks, which took revenue from that region alone from $118 million in Q2 2023 to just $30 million in 2024. \n\u201cWe continue to believe that the consistent and sustainable transaction growth is the best indicator of the future health of our business,\u201d McGranahan said. \nThe Iraqi headwinds and flat in-person retail transactions led to Western Union reporting an overall decrease in second-quarter revenue for 2024, totaling $1.07 billion, reflecting a 9% decline on a reported basis and a 7% decline on an adjusted basis. Despite this, the company saw a 4% increase in consumer money transfer (CMT) transactions, driven by a 13% growth in branded digital transactions. Consumer services revenue \u2014 which includes transaction fees from wire transfers as well as its other products like prepaid cards \u2014 also showed robust growth, increasing by 21% on a reported basis and 14% on an adjusted basis, lifted by strong performance in the retail money order business.\nIn terms of earnings, Western Union\u2019s GAAP earnings per share (EPS) for the second quarter was $0.41, down from $0.47 in the same period last year, while adjusted EPS was $0.44, compared to $0.51 previously. The decrease in EPS was attributed to lower operating profit due to decreased revenue from Iraq, though this was somewhat offset by a reduced share count. \nThe GAAP operating margin for the quarter was 17.9%, down from 20.7% in the prior year, with the adjusted operating margin at 19%, compared to 21.8% previously. Branded digital revenue increased by 5% on a reported basis and 7% on an adjusted basis, with branded digital transactions contributing 24% of total CMT revenues and 31% of total CMT transactions. \nDespite the challenges, McGranahan said that the company is beginning to see positive adjusted revenue growth, excluding Iraq, and is optimistic about achieving sustainable positive revenue growth in 2025 and beyond. \nHe pointed several times to a recent report from The World Bank, which found that \u201cremittances to LMICs (low- to middle-income countries) are expected to grow at a faster rate of 2.3% in 2024, although this growth will be uneven across regions. Potential downside risks to these projections include weaker than expected economic growth in high-income migrant-hosting countries and volatility in oil prices and currency exchange rates.\u201d\nBut the biggest part of the company\u2019s Evolve 2025 strategy is to encourage digital growth. McGranahan told the call that over the past year it has been improving the effectiveness of digital marketing by cost effectively increasing top of funnel traffic in its digital properties around the globe. During June, he said Western Union saw visits to its U.S. websites up 20% year over year. \n\u201cIn addition to driving traffic at the top of the funnel, we\u2019ve also made meaningful progress in simplifying the customer journey and improving our funnel conversion rates,\u201d he said. \n\u201cAs part of that process, we have simplified the branded digital customer profile creation. We have reduced the steps required for a customer to complete a transaction and have modernized our user interface and moved from a multipage transaction funnel to a single page modular view.\u201d\nIn addition to taking friction out of the process, the company is betting that its mobile apps will deliver in a similar fashion to Australia, where the first Western Union app was launched in 2022. Since that time digital transactions in the country have spiked 30%. \nThe post Western Union’s Digital Surge Offsets In-Store Decline appeared first on PYMNTS.com.", "date_published": "2024-07-30T19:50:58-04:00", "date_modified": "2024-07-30T19:50:58-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/Western-Union-earnings-2.jpg", "tags": [ "Devin McGranahan", "Digital Payments", "Earnings", "Evolve 2025", "News", "PYMNTS News", "remittances", "western union", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2019315", "url": "https://www.pymnts.com/earnings/2024/procter-and-gamble-records-4percent-organic-sales-growth/", "title": "Procter & Gamble Records 4% Organic Sales Growth", "content_html": "Procter & Gamble announced a 4% organic sales growth for fiscal year 2024, continuing a streak of six consecutive years with at least a 4% rise. Net sales rose 2%, to $84 billion, while fourth-quarter sales, shipment volumes and product mix were flat year over year.
\nThe Cincinnati-based consumer packaged goods (CPG) company reported net income of $3.14 billion for the fiscal fourth quarter. P&G CEO Jon Moeller highlighted the company\u2019s ability to meet or exceed its growth targets despite a challenging economic and geopolitical landscape.
\n\u201cFiscal year 2024 was another year of strong results for P&G,\u201d Moeller said during the Q4 and full-year earnings call on Tuesday (July 30). \u201cThe team met or exceeded our going-in plans for organic sales growth, core EPS growth, cash generation and cash returned to shareowners in a challenging economic and geopolitical environment.\u201d
\nMoeller said P&G remains committed to its integrated strategy of \u201ca focused product portfolio of daily use categories where performance drives brand choice, superiority (of product performance, packaging, brand communication, retail execution and consumer and customer value), productivity, constructive disruption and an agile and accountable organization \u2014 all aimed at delivering sustainable, balanced growth and value creation.\u201d
\nFor the April-June quarter, net sales were flat at $20.5 billion, with a 1% rise in volume and pricing offset by foreign exchange headwinds. The company is restructuring operations in select markets like Nigeria and Argentina, incurring significant restructuring costs. It recorded a $216 million charge for currency losses related to these markets and anticipates additional charges as it exits Argentina.
\nP&G\u2019s Beauty segment saw a 3% increase in organic sales year-over-year. Skin and Personal Care sales remained flat, as higher prices offset declines in premium SK-II brand sales and challenges in China. Hair Care, however, experienced high single-digit growth, driven by elevated pricing and a shift toward premium products.
\nThe Grooming segment delivered 7% organic sales growth, primarily due to higher prices in Latin America and successful new product innovations.
\nIn Health Care, organic sales grew 4%. Oral Care posted high single-digit growth, fueled by a premium product mix and strong performance in North America and Europe. Conversely, Personal Health Care sales were flat, as pricing and volume gains were balanced by decreased cough and cold occurrences.
\nThe Fabric and Home Care segment saw a 2% increase in organic sales. Fabric Care sales were stable, with North American and European volume growth offset by lower pricing due to increased promotions. Meanwhile, Home Care recorded high single-digit growth, attributed to innovation and product mix.
\nThe Baby, Feminine and Family Care segment faced a 1% decline in organic sales. Baby Care sales fell by mid-single digits due to volume losses. Feminine Care grew modestly through higher pricing, while Family Care sales were flat.
\nMoeller noted the 4% organic sales growth was achieved amid a \u201cvery volatile environment,\u201d and said, \u201cTo be very clear, there\u2019s more work to do to continue driving areas in our control. Our strategy is dynamic and sustainable. It adapts to the changing needs of consumers, customers, and societies.\u201d
\nHe also cited the company\u2019s digital acumen, improving its ad copy and media buying through the development of proprietary digital tools to digitize more of the company\u2019s back-office work processes.
\nChief Financial Officer\u00a0Andre Schulten\u00a0said 85% of the company\u2019s business is performing in line with expectations, particularly in North American and Europe, and \u201cour growth margin is at record levels.\u201d But he noted those \u201cheadwinds from December will still be with us in Q1 2025,\u201d largely dependent on the pace of economic recovery in China.
\nMoeller remains confident of P&G\u2019s future, saying it \u201cholds great promise. We have an opportunity to grow markets and our business and we\u2019ll double down on our strategy. The fundamentals of our business are in very strong shape.\u201d
\nLooking ahead to fiscal 2025, Moeller expects the company to \u201cdeliver strong organic sales growth, EPS growth and free cash flow productivity \u2014 each in-line with our long-term growth algorithm.\u201d
\nThe post Procter & Gamble Records 4% Organic Sales Growth appeared first on PYMNTS.com.
\n", "content_text": "Procter & Gamble announced a 4% organic sales growth for fiscal year 2024, continuing a streak of six consecutive years with at least a 4% rise. Net sales rose 2%, to $84 billion, while fourth-quarter sales, shipment volumes and product mix were flat year over year.\nThe Cincinnati-based consumer packaged goods (CPG) company reported net income of $3.14 billion for the fiscal fourth quarter. P&G CEO Jon Moeller highlighted the company\u2019s ability to meet or exceed its growth targets despite a challenging economic and geopolitical landscape.\n\u201cFiscal year 2024 was another year of strong results for P&G,\u201d Moeller said during the Q4 and full-year earnings call on Tuesday (July 30). \u201cThe team met or exceeded our going-in plans for organic sales growth, core EPS growth, cash generation and cash returned to shareowners in a challenging economic and geopolitical environment.\u201d\nMoeller said P&G remains committed to its integrated strategy of \u201ca focused product portfolio of daily use categories where performance drives brand choice, superiority (of product performance, packaging, brand communication, retail execution and consumer and customer value), productivity, constructive disruption and an agile and accountable organization \u2014 all aimed at delivering sustainable, balanced growth and value creation.\u201d\nFor the April-June quarter, net sales were flat at $20.5 billion, with a 1% rise in volume and pricing offset by foreign exchange headwinds. The company is restructuring operations in select markets like Nigeria and Argentina, incurring significant restructuring costs. It recorded a $216 million charge for currency losses related to these markets and anticipates additional charges as it exits Argentina.\nP&G\u2019s Beauty segment saw a 3% increase in organic sales year-over-year. Skin and Personal Care sales remained flat, as higher prices offset declines in premium SK-II brand sales and challenges in China. Hair Care, however, experienced high single-digit growth, driven by elevated pricing and a shift toward premium products.\nThe Grooming segment delivered 7% organic sales growth, primarily due to higher prices in Latin America and successful new product innovations.\nIn Health Care, organic sales grew 4%. Oral Care posted high single-digit growth, fueled by a premium product mix and strong performance in North America and Europe. Conversely, Personal Health Care sales were flat, as pricing and volume gains were balanced by decreased cough and cold occurrences.\nThe Fabric and Home Care segment saw a 2% increase in organic sales. Fabric Care sales were stable, with North American and European volume growth offset by lower pricing due to increased promotions. Meanwhile, Home Care recorded high single-digit growth, attributed to innovation and product mix.\nThe Baby, Feminine and Family Care segment faced a 1% decline in organic sales. Baby Care sales fell by mid-single digits due to volume losses. Feminine Care grew modestly through higher pricing, while Family Care sales were flat.\nMoeller noted the 4% organic sales growth was achieved amid a \u201cvery volatile environment,\u201d and said, \u201cTo be very clear, there\u2019s more work to do to continue driving areas in our control. Our strategy is dynamic and sustainable. It adapts to the changing needs of consumers, customers, and societies.\u201d\nHe also cited the company\u2019s digital acumen, improving its ad copy and media buying through the development of proprietary digital tools to digitize more of the company\u2019s back-office work processes.\nChief Financial Officer\u00a0Andre Schulten\u00a0said 85% of the company\u2019s business is performing in line with expectations, particularly in North American and Europe, and \u201cour growth margin is at record levels.\u201d But he noted those \u201cheadwinds from December will still be with us in Q1 2025,\u201d largely dependent on the pace of economic recovery in China.\nMoeller remains confident of P&G\u2019s future, saying it \u201cholds great promise. We have an opportunity to grow markets and our business and we\u2019ll double down on our strategy. The fundamentals of our business are in very strong shape.\u201d\nLooking ahead to fiscal 2025, Moeller expects the company to \u201cdeliver strong organic sales growth, EPS growth and free cash flow productivity \u2014 each in-line with our long-term growth algorithm.\u201d\nThe post Procter & Gamble Records 4% Organic Sales Growth appeared first on PYMNTS.com.", "date_published": "2024-07-30T15:26:54-04:00", "date_modified": "2024-07-30T15:26:54-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/Procter-Gamble.png", "tags": [ "consumer packaged goods", "CPG", "Earnings", "News", "Procter & Gamble", "PYMNTS News", "Retail" ] }, { "id": "https://www.pymnts.com/?p=2019270", "url": "https://www.pymnts.com/earnings/2024/jetblue-focuses-on-leisure-routes-on-road-to-restore-profits/", "title": "JetBlue Focuses on Leisure Routes on Road to Restore Profits", "content_html": "JetBlue\u00a0is focusing on its East Coast leisure routes as it works to return to profitability.
\nThe airline released\u00a0quarterly earnings\u00a0Tuesday (July 30) showing a $25 million profit, and said it plans to emphasize flights in and out of New York, Puerto Rico and New England, where it is adding new routes from Manchester, N.H.
\n\u201cOur network sits in some of the most valuable geographies in the world,\u201d said JetBlue CEO\u00a0Joanna Geraghty.
\n\u201cWe have a leading position and three of the five largest markets on the East Coast, including New York City, which is the highest GDP producing metro area in the United States.\u201d
\nShe added that many of the changes JetBlue made to its network have been \u201cdriven by the stronger recovery and quicker ramp of leisure travel,\u201d leading the airline to shift \u201ccapacity out of corporate focused routes and into leisure.\u201d
\nDuring the question-and-answer session of the call, airline President\u00a0Marty St. George\u00a0clarified that shifting capacity away from business travel does not mean ignoring that market.
\n\u201cWhen we said we\u2019re pivoting away from corporate, you know, we will continue to carry corporate customers. There\u2019s no walking away from the corporate market,\u201d he said.
\n\u201cI think the better way to describe it is we\u2019re not really designing the network for corporations like\u00a0we once did. If you look at some of the changes we\u2019ve made in New York, some of the routes we\u2019ve pulled, I think it\u2019s very consistent with what we\u2019ve seen as far as a slower recovery of corporate travel in New York.\u201d
\nJetBlue\u00a0scaled back routes\u00a0earlier this year, while increasing its capacity in Latin America. The company said Tuesday it is also deferring $3 billion in aircraft spending over the next five years to improve cash flow.
\nThe company\u2019s focus on leisure travel comes as many budget-strapped consumers are\u00a0seeking discounts\u00a0on their summer trips, as PYMNTS reported earlier this month.
\n\u201cPaycheck-to-paycheck consumers want to get out of Dodge,\u201d that report said, citing data from\u00a0PYMNTS Intelligence\u2019s\u00a0\u201cSummer Travel Special Report,\u201d\u00a0showing 65% of those who live paycheck to paycheck with no issues paying their bills and 44% of paycheck-to-paycheck individuals who do have issues planned to take at least one trip this summer.
\nJetBlue was among the companies courting these consumers, recently offering 25% off flights for the fall \u2014 those between Sept. 7 and Nov. 20 \u2014 to keep travel spending momentum up in the slower period that after the summer spike but before the holidays.
\nThe post JetBlue Focuses on Leisure Routes on Road to Restore Profits appeared first on PYMNTS.com.
\n", "content_text": "JetBlue\u00a0is focusing on its East Coast leisure routes as it works to return to profitability.\nThe airline released\u00a0quarterly earnings\u00a0Tuesday (July 30) showing a $25 million profit, and said it plans to emphasize flights in and out of New York, Puerto Rico and New England, where it is adding new routes from Manchester, N.H.\n\u201cOur network sits in some of the most valuable geographies in the world,\u201d said JetBlue CEO\u00a0Joanna Geraghty.\n\u201cWe have a leading position and three of the five largest markets on the East Coast, including New York City, which is the highest GDP producing metro area in the United States.\u201d\nShe added that many of the changes JetBlue made to its network have been \u201cdriven by the stronger recovery and quicker ramp of leisure travel,\u201d leading the airline to shift \u201ccapacity out of corporate focused routes and into leisure.\u201d\nDuring the question-and-answer session of the call, airline President\u00a0Marty St. George\u00a0clarified that shifting capacity away from business travel does not mean ignoring that market.\n\u201cWhen we said we\u2019re pivoting away from corporate, you know, we will continue to carry corporate customers. There\u2019s no walking away from the corporate market,\u201d he said.\n\u201cI think the better way to describe it is we\u2019re not really designing the network for corporations like\u00a0we once did. If you look at some of the changes we\u2019ve made in New York, some of the routes we\u2019ve pulled, I think it\u2019s very consistent with what we\u2019ve seen as far as a slower recovery of corporate travel in New York.\u201d\nJetBlue\u00a0scaled back routes\u00a0earlier this year, while increasing its capacity in Latin America. The company said Tuesday it is also deferring $3 billion in aircraft spending over the next five years to improve cash flow.\nThe company\u2019s focus on leisure travel comes as many budget-strapped consumers are\u00a0seeking discounts\u00a0on their summer trips, as PYMNTS reported earlier this month.\n\u201cPaycheck-to-paycheck consumers want to get out of Dodge,\u201d that report said, citing data from\u00a0PYMNTS Intelligence\u2019s\u00a0\u201cSummer Travel Special Report,\u201d\u00a0showing 65% of those who live paycheck to paycheck with no issues paying their bills and 44% of paycheck-to-paycheck individuals who do have issues planned to take at least one trip this summer.\nJetBlue was among the companies courting these consumers, recently offering 25% off flights for the fall \u2014 those between Sept. 7 and Nov. 20 \u2014 to keep travel spending momentum up in the slower period that after the summer spike but before the holidays.\nThe post JetBlue Focuses on Leisure Routes on Road to Restore Profits appeared first on PYMNTS.com.", "date_published": "2024-07-30T14:46:53-04:00", "date_modified": "2024-07-30T14:46:53-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/01/Jetblue.jpg", "tags": [ "air travel", "airlines", "business travel", "corporate travel", "Earnings", "JetBlue", "leisure travel", "News", "PYMNTS News", "Retail", "travel", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2019213", "url": "https://www.pymnts.com/earnings/2024/paypal-boosts-revenue-forecasts-with-new-smb-features-and-partner-collaborations/", "title": "PayPal Boosts Revenue Forecasts With New Small Business Features and Apple Pay Integration", "content_html": "If the global consumer is showing signs of cutting spending, PayPal didn\u2019t get that email. The digital payments and peer-to-peer platform on Tuesday (July 30) posted better than expected Q2 earnings and doubled down with increased revenue estimates for the rest of 2024.
\n\u201cWe are continuing to innovate and create high converting experiences on both desktop and mobile and across platforms and devices,\u201d CEO Alex Chriss said on the company\u2019s earnings call. \u201cWe also continue engaging consumers post purchase with smart receipts, package tracking, push notifications and more, adding increased value and driving the PayPal engagement flywheel. In fact, we drove almost 20 million app logins from our post purchase experiences in June 11, growing more than 70% from a year ago.\u201d
\nBy the numbers, PayPal reported a total transaction volume of $403.9 billion in Q2 2024, marking an 11% year-over-year increase. PayPal’s overall net revenues rose by 8% to $7.9 billion. Venmo processed over $73 billion in total payment volume, up 8% from the previous year, with monthly active users growing by 5% to nearly 62 million. Additionally, PayPal highlighted the progress of Fastlane, now available to merchants in the U.S., which promises to enhance checkout experiences and drive higher conversion rates. Payment processor Braintree also showed increased integration with Fastlane, contributing to the company’s positive outlook. In fact, both Chriss and CFO Jamie Miller namechecked Braintree and Fastlane several times during the call, showing the importance of enabling technologies to the company\u2019s ability to attract and retain key partners.
\nThose partners also took their share of the spotlight during the earnings call. For example, Chriss noted that PayPal is working closely with Meta to optimize PayPal experiences and will announce deeper commitments with it as well as Salesforce, Door Dash and others. During the second quarter PayPal launched in-app offers with Best Buy, Priceline, Lyft, Instacart, Ticketmaster, Walmart and Nordstrom.
\n\u201cWe continue to execute with high velocity to enhance customer experiences and value for our large enterprises, SMBs and consumers,\u201d Chriss said. \u201cWe are building the foundation for our next phase of growth for large enterprises. We continue to have a productive conversation to help merchants understand the additional value they can unlock by strengthening their relationship with us to take advantage of our full platform capabilities.\u201d
\nChriss also addressed PayPal\u2019s relationships with SMBs and competition with other digital wallets and payments solutions, including Apple Pay.
\n\u201cWe are the number one branded experience across all platforms and devices,\u201d Chriss said during the Q&A portion of the call with Wall Street analysts. \u201cIf we narrow down into desktop web, which is still 40% to 50% of all checkout, we see no degradation in our share over the past four years. So let me say that again. We\u2019ve held share despite competition. Second, if we look across browsers, there\u2019s actually no difference in our selection rate across different browsers. So certain buttons moving from one platform to the other just isn’t material to us. That\u2019s where we are today. Let\u2019s focus around our ability to continue to improve and make this a better experience for our consumers going forward. And for merchants, they\u2019re looking for an end-to-end solution. They want to get customers, they want to convert customers, and they want to engage and have a return experience with customers.\u201d
\nChriss made several points regarding its small business suite, PPCP. In early April, it enhanced its Complete Payments Solution for small businesses by adding new features. These include the ability to accept Apple Pay, save payment methods with PayPal Vault, and use a real-time account updater to keep card details current. Additionally, businesses can now access interchange plus plus (IC++) pricing and gross settlement options. These features aim to streamline payment processes, reduce cart abandonment, and offer transparent pricing, ultimately helping small businesses improve sales and manage cash flow.
\nThe post PayPal Boosts Revenue Forecasts With New Small Business Features and Apple Pay Integration appeared first on PYMNTS.com.
\n", "content_text": "If the global consumer is showing signs of cutting spending, PayPal didn\u2019t get that email. The digital payments and peer-to-peer platform on Tuesday (July 30) posted better than expected Q2 earnings and doubled down with increased revenue estimates for the rest of 2024.\n\u201cWe are continuing to innovate and create high converting experiences on both desktop and mobile and across platforms and devices,\u201d CEO Alex Chriss said on the company\u2019s earnings call. \u201cWe also continue engaging consumers post purchase with smart receipts, package tracking, push notifications and more, adding increased value and driving the PayPal engagement flywheel. In fact, we drove almost 20 million app logins from our post purchase experiences in June 11, growing more than 70% from a year ago.\u201d\nBy the numbers, PayPal reported a total transaction volume of $403.9 billion in Q2 2024, marking an 11% year-over-year increase. PayPal’s overall net revenues rose by 8% to $7.9 billion. Venmo processed over $73 billion in total payment volume, up 8% from the previous year, with monthly active users growing by 5% to nearly 62 million. Additionally, PayPal highlighted the progress of Fastlane, now available to merchants in the U.S., which promises to enhance checkout experiences and drive higher conversion rates. Payment processor Braintree also showed increased integration with Fastlane, contributing to the company’s positive outlook. In fact, both Chriss and CFO Jamie Miller namechecked Braintree and Fastlane several times during the call, showing the importance of enabling technologies to the company\u2019s ability to attract and retain key partners.\nThose partners also took their share of the spotlight during the earnings call. For example, Chriss noted that PayPal is working closely with Meta to optimize PayPal experiences and will announce deeper commitments with it as well as Salesforce, Door Dash and others. During the second quarter PayPal launched in-app offers with Best Buy, Priceline, Lyft, Instacart, Ticketmaster, Walmart and Nordstrom.\n\u201cWe continue to execute with high velocity to enhance customer experiences and value for our large enterprises, SMBs and consumers,\u201d Chriss said. \u201cWe are building the foundation for our next phase of growth for large enterprises. We continue to have a productive conversation to help merchants understand the additional value they can unlock by strengthening their relationship with us to take advantage of our full platform capabilities.\u201d\nChriss also addressed PayPal\u2019s relationships with SMBs and competition with other digital wallets and payments solutions, including Apple Pay.\n\u201cWe are the number one branded experience across all platforms and devices,\u201d Chriss said during the Q&A portion of the call with Wall Street analysts. \u201cIf we narrow down into desktop web, which is still 40% to 50% of all checkout, we see no degradation in our share over the past four years. So let me say that again. We\u2019ve held share despite competition. Second, if we look across browsers, there\u2019s actually no difference in our selection rate across different browsers. So certain buttons moving from one platform to the other just isn’t material to us. That\u2019s where we are today. Let\u2019s focus around our ability to continue to improve and make this a better experience for our consumers going forward. And for merchants, they\u2019re looking for an end-to-end solution. They want to get customers, they want to convert customers, and they want to engage and have a return experience with customers.\u201d\nChriss made several points regarding its small business suite, PPCP. In early April, it enhanced its Complete Payments Solution for small businesses by adding new features. These include the ability to accept Apple Pay, save payment methods with PayPal Vault, and use a real-time account updater to keep card details current. Additionally, businesses can now access interchange plus plus (IC++) pricing and gross settlement options. These features aim to streamline payment processes, reduce cart abandonment, and offer transparent pricing, ultimately helping small businesses improve sales and manage cash flow.\nThe post PayPal Boosts Revenue Forecasts With New Small Business Features and Apple Pay Integration appeared first on PYMNTS.com.", "date_published": "2024-07-30T14:07:56-04:00", "date_modified": "2024-07-30T22:30:31-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/02/PayPal.jpg", "tags": [ "Alex Chriss", "B2B", "B2B Payments", "Braintree", "commercial payments", "Digital Payments", "Earnings", "Fastlane", "Featured News", "FinTech", "News", "partnerships", "payments", "PayPal", "PYMNTS News", "SMBs", "What's Hot In B2B" ] } ] }