Dorsey's Square hit by 15% stock drop after results
SAN FRANCISCO — Shares of Square plunged as much as 15% Friday after the mobile payments provider announced a larger-than-expected quarterly loss on Thursday.
The San Francisco-based company, co-founded and run by Twitter co-founder Jack Dorsey, on Thursday reported an adjusted first-quarter loss of 14 cents per share on adjusted revenue of $146 million. (Total net revenue including sales from a Starbucks deal it's in the process of unwinding was $379 million, up 51% from a year earlier, while its net loss was 29 cents.)
Analysts polled by S&P Global Market Intelligence expected a loss of 9 cents a share on $136 million in sales.The wider-than-expected loss, on soaring operating costs, sent Square's stock reeling more than 15%, to $10.97 in Friday trading.
Read whole article here.
They float a few reasons for Square's woes, but they don't mention this one:
HOLY MOLY GUACAMOLE!!! Talk about state of the tech art, check out what's coming to our industry in the way of SECURITY:
May 02, 2016erification of online payments is about to go a whole new route. In February, MasterCard® launched “selfie pay” as an upgrade to online payment security.
Offered as an alternative to the credit card network’s current security measures that require users to enter a PIN code, password or verification code when completing their purchases, “selfie pay” was tested last year through First Tech Federal Credit Union in California. Equipped with the MasterCard Identity Check mobile app, cardholders used biometric payment authentication (either facial recognition or fingerprint matching) to verify the authenticity of donations they made online to Children’s Miracle Network Hospitals.
The process is simple. Cardholders download the Identity Check app to a phone, computer or tablet, and make an online or mobile purchase on that device. If a participating merchant asks for further identity verification before the purchase is approved, the user simply holds the device up to get a clear view of their face and blinks so that MasterCard knows they’re not trying to scam it with a bogus picture. Camera-shy folks have the option of holding their finger up to a fingerprint sensor.
Participants in the pilot trial were later surveyed for their opinions about the technology and how easy it was to use. Eighty-eight percent found it overwhelmingly easy to use on its own, and 86 percent indicated that it was easier than password-based authentication. An impressive nine out of ten said they could see themselves using it on a daily basis.
“People forget passwords, making the payment process (unnecessarily) long and complex, so we expect that passwords will slowly become obsolete in favor of a more user-friendly alternative, such as biometric identification.”
MasterCard has announced that it will bring the “selfie pay” system to the U.S., Canada, United Kingdom and other European countries this year. Visa® is also exploring biometrics-secured payment options, including iris and contactless fingerprint recognition, as well as ATM technology that allows cardholders to unlock funds with a fingerprint instead of a PIN.
Of course, that won't change what we do, but it should bring up speed and efficiency levels and make everybody happy!
What are the THREE core activities for a DW Agent?
- Meeting a Business Owner for the First Time
- Obtaining a new Processing Statement or Filling out CR Questionnaire
- Presenting a Cost Analysis for the First Time or Scheduling a CR Discovery Call
FOCUS on doing these 3 things and your income -- both fast start and residual -- will soar!!