Fintech stocks PayPal, Block rising ahead of the close
Fintech stock PayPal (PYPL) ticks higher before Wednesday's market close, following positive comments from their Chief Financial Officer Jamie Miller. The CFO stated that the company's transaction margin growth is performing well.
Block (SQ) shares are also outperforming in the fintech sector.
Yahoo Finance's Julie Hyman and Josh Lipton break down the details.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Angel Smith
Video Transcript
JULIE HYMAN: Well, we want to take a look at a couple of movers today. Taking a look at Fintech, specifically PayPal shares up about 4% today. That's after the company's CFO made some remarks that the company's, on the company's transaction margin growth and the big lift from its interest income on customer balances last year.
He made those comments at a conference today, excuse me, she made those comments at a conference today. And so we saw the move in PayPal this morning, Josh, before we saw those comments. But we also noticed that block was moving higher, hit a 52-week high in today's trade, so maybe there's just a bit of a bid.
JOSH LIPTON: Also, more generally under some of these Fintech companies, it was also wonder how this plays into it. You saw that headline from Stripe saying volume jumped 25% last year to more than one trillion. It was about eight trillion in 2022, just to put that in context. Company said it was robustly cash flow positive, Julie, in 2023, expects the same in 2024.
JULIE HYMAN: Yeah. Although what's interesting is that a tide that lifts all boats, or is that Stripe's gain at the loss of some of its competitors. I guess we'll have to wait and see until we get some more numbers from all of them.
