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2021-08-05

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Should PayPal Investors Be Worried About Square's Afterpay Takeover?<blockquote>PayPal投资者应该担心Square的Afterpay收购吗？</blockquote>

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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":899004771,"tweetId":"899004771","gmtCreate":1628139456193,"gmtModify":1633753195727,"author":{"id":3564297112782293,"idStr":"3564297112782293","authorId":3564297112782293,"authorIdStr":"3564297112782293","name":"Panthera","avatar":"https://static.tigerbbs.com/b14a581219f653577124d9f8e352a245","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":6,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Affirm next ?</body></html>","htmlText":"<html><head></head><body>Affirm next ?</body></html>","text":"Affirm next ?","highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/899004771","repostId":1198876511,"repostType":4,"repost":{"id":"1198876511","kind":"news","pubTimestamp":1628130782,"share":"https://www.laohu8.com/m/news/1198876511?lang=zh_CN&edition=full","pubTime":"2021-08-05 10:33","market":"us","language":"en","title":"Should PayPal Investors Be Worried About Square's Afterpay Takeover?<blockquote>PayPal投资者应该担心Square的Afterpay收购吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1198876511","media":"The Motley Fool","summary":"Square overtakes PayPal in the \"buy now, pay later\" space with a massive acquisition.\nKey Points\n\nSq","content":"Square overtakes PayPal in the \"buy now, pay later\" space with a massive acquisition.<blockquote>Square通过大规模收购在“先买后付”领域超越了PayPal。</blockquote> Key Points<blockquote>要点</blockquote> <ul> <li>Square is buying Afterpay, a market leader in “buy now, pay later” services, for $29 billion.</li> <li>PayPal launched a similar “Pay in 4” service a year ago.</li> <li>Buying Afterpay could tilt the scales in Square’s favor.</li> </ul> <blockquote><ul><li>Square将以290亿美元收购“先买后付”服务市场领导者Afterpay。</li><li>PayPal在一年前推出了类似的“Pay in 4”服务。</li><li>购买Afterpay可能会使天平向对Square有利的方向倾斜。</li></ul></blockquote> <a href=\"https://laohu8.com/S/SQ\">Square</a> recently agreed to buy&nbsp;<a href=\"https://laohu8.com/S/AFTPF\">Afterpay Ltd.</a>, an Australian \"buy now, pay later\" (BNPL) service provider, for $29 billion in stock. The deal represents a premium of 21.9% over Afterpay's ten-day weighted average share price, and values the company at 25 times this year's sales.<blockquote><a href=\"https://laohu8.com/S/SQ\">平方</a>最近同意购买<a href=\"https://laohu8.com/S/AFTPF\">后付有限公司。</a>澳大利亚“先买后付”（BNPL）服务提供商，以290亿美元的股票收购。该交易较Afterpay十天加权平均股价溢价21.9%，该公司估值为今年销售额的25倍。</blockquote> Square's stock rallied following the announcement, which accompanied a solid&nbsp;second-quarter reporton Aug. 1 that beat analysts' expectations. Meanwhile, shares of its rival&nbsp;<a href=\"https://laohu8.com/S/PYPL\">PayPal</a>, which had already been sliding following its mixedsecond-quarter report&nbsp;on July 28, fell even further after Square posted its earnings report and announced the Afterpay deal.<blockquote>消息公布后，Square股价上涨，8月1日发布的第二季度报告超出了分析师的预期。与此同时，其竞争对手的股票<a href=\"https://laohu8.com/S/PYPL\">PayPal</a>在7月28日发布好坏参半的第二季度报告后，该公司已经在下滑，在Square发布收益报告并宣布Afterpay交易后，该公司的股价进一步下跌。</blockquote> <img src=\"https://static.tigerbbs.com/f64b9521a6b3db22c8b8a4bb14b60652\" tg-width=\"2000\" tg-height=\"1270\" width=\"100%\" height=\"auto\">IMAGE SOURCE: GETTY IMAGES.<blockquote>图片来源：盖蒂图片社。</blockquote> Square's takeover of Afterpay counters PayPal's \"Pay in 4\" BNPL service, which it launched last August. Both Afterpay and Pay in 4 let customers pay for goods in four interest-free payments, but Square plans to integrate Afterpay into both its Seller ecosystem and its rapidly growing Cash App, which already provides peer-to-peer payments,&nbsp;bitcoin&nbsp;(CRYPTO:BTC)&nbsp;purchases, and stock trading services.<blockquote>Square对Afterpay的收购与PayPal去年8月推出的“Pay in 4”BNPL服务相抗衡。Afterpay和Pay in 4都允许客户通过四次免息付款来支付商品，但Square计划将Afterpay集成到其卖家生态系统和快速增长的Cash应用程序中，该应用程序已经提供点对点支付，比特币（加密货币：BTC）购买和股票交易服务。</blockquote> Should PayPal's investors worry about Square's latest move? Or is there enough room for both companies and their other rivals to thrive in the expanding BNPL market?<blockquote>PayPal的投资者应该担心Square的最新举措吗？或者两家公司及其其他竞争对手是否有足够的空间在不断扩大的BNPL市场中蓬勃发展？</blockquote> <h3>Why is Square paying a premium for Afterpay?</h3> Square's takeover of Afterpay, which will close in the first quarter of calendar 2022, initially seems pricey. It will pay nearly a quarter of its market cap -- and significantly dilute its existing shares with an all-stock transaction -- for a company that will likely only boost its 2022 revenue by about 5%.<blockquote><h3>为什么Square要为Afterpay支付额外费用？</h3>Square对Afterpay的收购将于2022年第一季度完成，最初似乎代价高昂。它将支付其市值的近四分之一，并通过全股票交易显着稀释其现有股份，收购一家2022年收入可能只会增加约5%的公司。</blockquote> Afterpay's revenue rose 78% in fiscal 2021, which ended in June, but Square's revenue surged 101% in 2020 and is expected to rise 102% this year. Therefore, Square seems to be paying a high premium and diluting its shares for a company that generates slower growth.<blockquote>在截至6月的2021财年，Afterpay的收入增长了78%，但Square的收入在2020年飙升了101%，预计今年将增长102%。因此，Square似乎正在为一家增长较慢的公司支付高额溢价并稀释其股票。</blockquote> However, Square's growth in 2020 and most of 2021 was largely driven by bitcoin trades during the pandemic. If we exclude those bitcoin sales, Square's revenue only rose 17% in 2020, and analysts expect its total revenue to grow just 13% in 2022 as those&nbsp;cryptocurrency trades&nbsp;normalize.<blockquote>然而，Square在2020年和2021年大部分时间的增长主要是由疫情期间的比特币交易推动的。如果我们排除这些比特币销售，Square的收入在2020年仅增长了17%，分析师预计，随着这些加密货币交易正常化，其总收入在2022年仅增长13%。</blockquote> However, they still expect Afterpay's revenue to rise 66% in fiscal 2022 -- so it could generate smoother growth than Square's volatile core business. Afterpay would also expand Square's overseas presence, since it only generates about half of its underlying sales in the United States.<blockquote>然而，他们仍然预计Afterpay的收入将在2022财年增长66%，因此它可能会比Square波动较大的核心业务产生更平稳的增长。Afterpay还将扩大Square的海外业务，因为它的基本销售额只有美国的一半左右。</blockquote> Afterpay's active customers grew 63% to 16.1 million in 2021, and it serves nearly 100,000 merchants worldwide. Square's Cash App hit 40 million active customers in June, up from 36 million at the end of 2020. Merging those two high-growth platforms together -- and adding Afterpay's BNPL services to its platforms -- could significantly expand Square's ecosystem.<blockquote>2021年，Afterpay的活跃客户增长了63%，达到1610万，为全球近10万家商户提供服务。Square的Cash应用程序6月份活跃客户达到4000万，高于2020年底的3600万。将这两个高增长平台合并在一起，并将Afterpay的BNPL服务添加到其平台中，可以显着扩展Square的生态系统。</blockquote> <h3>Should PayPal be concerned?</h3> PayPal was already in a vulnerable position after its second-quarter revenue growth and third-quarter revenue forecast missed Wall Street's expectations. It also warned that its loss of&nbsp;<a href=\"https://laohu8.com/S/EBAY\">eBay</a> to its&nbsp;Dutch rival&nbsp;<a href=\"https://laohu8.com/S/ADYEY\">Adyen N.V.</a>&nbsp;-- which concludes its three-year transition this year -- will throttle its near-term revenue growth.<blockquote><h3>PayPal应该担心吗？</h3>PayPal在二季度营收增长和三季度营收预估均不及华尔街预期后，已经处于弱势地位。它还警告说，其损失<a href=\"https://laohu8.com/S/EBAY\">eBay</a>对其荷兰竞争对手<a href=\"https://laohu8.com/S/ADYEY\">阿迪恩公司。</a>今年将结束为期三年的过渡，这将抑制其近期收入增长。</blockquote> That slowdown raises doubts about PayPal's ambitious plans to&nbsp;more than doubleits annual revenue by 2025, as well as concerns about its recent decision to hike its&nbsp;processing fees&nbsp;for U.S. merchants.<blockquote>这种放缓引发了人们对PayPal到2025年将年收入增加一倍以上的雄心勃勃的计划的怀疑，以及对其最近决定提高美国商家加工费的担忧。</blockquote> PayPal operates in over 200 markets worldwide, and its number of active accounts rose 16% year-over-year to 403 million in the second quarter. Its peer-to-peer payments app Venmo serves more than 50 million active users.<blockquote>PayPal在全球200多个市场开展业务，第二季度活跃账户数量同比增长16%至4.03亿。其点对点支付应用程序Venmo为超过5000万活跃用户提供服务。</blockquote> PayPal repeatedly cited its BNPL service as a growth engine during its latest&nbsp;conference call. Over seven million consumers have used its BNPL service for more than 20 million transactions so far. The service has processed more than $3.5 billion in TPV (total payment volume) since its launch, with $1.5 billion of that total processed in the second quarter alone.<blockquote>PayPal在最新的电话会议中多次将其BNPL服务视为增长引擎。迄今为止，已有超过700万消费者使用其BNPL服务进行了超过2000万笔交易。自推出以来，该服务已处理了超过35亿美元的TPV（总支付量），其中仅在第二季度就处理了15亿美元。</blockquote> That figure sounds impressive, but $1.5 billion only accounted for 0.5% of PayPal's total TPV of $311 billion during the quarter. It also reveals its Pay in 4 platform is still much smaller than Afterpay -- which generated $15.6 billion in underlying sales (comparable to PayPal's TPV) in fiscal 2021.<blockquote>这个数字听起来令人印象深刻，但15亿美元仅占PayPal本季度TPV总额3110亿美元的0.5%。它还透露，其Pay in 4平台仍远小于Afterpay，后者在2021财年产生了156亿美元的基本销售额（与PayPal的TPV相当）。</blockquote> PayPal previously offered \"pay later\" options with its revolving credit line and an Easy Payments feature, but \"Pay in 4\" marked its first step into the streamlined, interest-free BNPL market. But it arrived late to the party -- Afterpay was founded in 2014, while its Australian rival&nbsp;<a href=\"https://laohu8.com/S/Z1P.AU\">Zip</a> was founded in 2013.<blockquote>PayPal此前通过其循环信用额度和轻松支付功能提供了“稍后付款”选项，但“Pay in 4”标志着其进入精简、免息的BNPL市场的第一步。但它姗姗来迟——Afterpay成立于2014年，而其澳大利亚竞争对手<a href=\"https://laohu8.com/S/Z1P.AU\">拉链</a>成立于2013年。</blockquote> <h3>The bottom line</h3> On its own, Square's takeover of Afterpay won't derail PayPal's long-term growth.&nbsp;Bank of America&nbsp;estimates the market for BNPL apps will expand 10-15 fold by 2025, so there could be plenty of room for Square and PayPal to expand without trampling each other.<blockquote><h3>底线</h3>就其本身而言，Square对Afterpay的收购不会破坏PayPal的长期增长。美国银行据估计，到2025年，BNPL应用程序市场将扩大10-15倍，因此Square和PayPal可能有足够的扩张空间，而不会互相践踏。</blockquote> However, Square's massive acquisition of Afterpay, which instantly gives it a bigger share of the BNPL market than PayPal, highlights the key difference between the two fintech giants.<blockquote>然而，Square对Afterpay的大规模收购立即使其在BNPL市场的份额超过了PayPal，这凸显了这两家金融科技巨头之间的关键差异。</blockquote> Square is&nbsp;consistently more daring-- as seen with its early moves in bitcoin trades, stock trades, and the expansion of its seller services -- while PayPal is more conservative. Therefore, investors should question why PayPal didn't buy Afterpay first -- and if it needs to get more aggressive to hit its lofty growth targets for 2025.<blockquote>Square一直更加大胆——从其在比特币交易、股票交易和卖家服务扩张的早期举措就可以看出——而PayPal则更加保守。因此，投资者应该质疑PayPal为什么不首先收购Afterpay，以及它是否需要更加积极地实现2025年的崇高增长目标。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Should PayPal Investors Be Worried About Square's Afterpay Takeover?<blockquote>PayPal投资者应该担心Square的Afterpay收购吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nShould PayPal Investors Be Worried About Square's Afterpay Takeover?<blockquote>PayPal投资者应该担心Square的Afterpay收购吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Motley Fool2021-08-05 10:33\n\n</h4>\n</header>\n<article>\nSquare overtakes PayPal in the \"buy now, pay later\" space with a massive acquisition.<blockquote>Square通过大规模收购在“先买后付”领域超越了PayPal。</blockquote> Key Points<blockquote>要点</blockquote> <ul> <li>Square is buying Afterpay, a market leader in “buy now, pay later” services, for $29 billion.</li> <li>PayPal launched a similar “Pay in 4” service a year ago.</li> <li>Buying Afterpay could tilt the scales in Square’s favor.</li> </ul> <blockquote><ul><li>Square将以290亿美元收购“先买后付”服务市场领导者Afterpay。</li><li>PayPal在一年前推出了类似的“Pay in 4”服务。</li><li>购买Afterpay可能会使天平向对Square有利的方向倾斜。</li></ul></blockquote> <a href=\"https://laohu8.com/S/SQ\">Square</a> recently agreed to buy&nbsp;<a href=\"https://laohu8.com/S/AFTPF\">Afterpay Ltd.</a>, an Australian \"buy now, pay later\" (BNPL) service provider, for $29 billion in stock. The deal represents a premium of 21.9% over Afterpay's ten-day weighted average share price, and values the company at 25 times this year's sales.<blockquote><a href=\"https://laohu8.com/S/SQ\">平方</a>最近同意购买<a href=\"https://laohu8.com/S/AFTPF\">后付有限公司。</a>澳大利亚“先买后付”（BNPL）服务提供商，以290亿美元的股票收购。该交易较Afterpay十天加权平均股价溢价21.9%，该公司估值为今年销售额的25倍。</blockquote> Square's stock rallied following the announcement, which accompanied a solid&nbsp;second-quarter reporton Aug. 1 that beat analysts' expectations. Meanwhile, shares of its rival&nbsp;<a href=\"https://laohu8.com/S/PYPL\">PayPal</a>, which had already been sliding following its mixedsecond-quarter report&nbsp;on July 28, fell even further after Square posted its earnings report and announced the Afterpay deal.<blockquote>消息公布后，Square股价上涨，8月1日发布的第二季度报告超出了分析师的预期。与此同时，其竞争对手的股票<a href=\"https://laohu8.com/S/PYPL\">PayPal</a>在7月28日发布好坏参半的第二季度报告后，该公司已经在下滑，在Square发布收益报告并宣布Afterpay交易后，该公司的股价进一步下跌。</blockquote> <img src=\"https://static.tigerbbs.com/f64b9521a6b3db22c8b8a4bb14b60652\" tg-width=\"2000\" tg-height=\"1270\" width=\"100%\" height=\"auto\">IMAGE SOURCE: GETTY IMAGES.<blockquote>图片来源：盖蒂图片社。</blockquote> Square's takeover of Afterpay counters PayPal's \"Pay in 4\" BNPL service, which it launched last August. Both Afterpay and Pay in 4 let customers pay for goods in four interest-free payments, but Square plans to integrate Afterpay into both its Seller ecosystem and its rapidly growing Cash App, which already provides peer-to-peer payments,&nbsp;bitcoin&nbsp;(CRYPTO:BTC)&nbsp;purchases, and stock trading services.<blockquote>Square对Afterpay的收购与PayPal去年8月推出的“Pay in 4”BNPL服务相抗衡。Afterpay和Pay in 4都允许客户通过四次免息付款来支付商品，但Square计划将Afterpay集成到其卖家生态系统和快速增长的Cash应用程序中，该应用程序已经提供点对点支付，比特币（加密货币：BTC）购买和股票交易服务。</blockquote> Should PayPal's investors worry about Square's latest move? Or is there enough room for both companies and their other rivals to thrive in the expanding BNPL market?<blockquote>PayPal的投资者应该担心Square的最新举措吗？或者两家公司及其其他竞争对手是否有足够的空间在不断扩大的BNPL市场中蓬勃发展？</blockquote> <h3>Why is Square paying a premium for Afterpay?</h3> Square's takeover of Afterpay, which will close in the first quarter of calendar 2022, initially seems pricey. It will pay nearly a quarter of its market cap -- and significantly dilute its existing shares with an all-stock transaction -- for a company that will likely only boost its 2022 revenue by about 5%.<blockquote><h3>为什么Square要为Afterpay支付额外费用？</h3>Square对Afterpay的收购将于2022年第一季度完成，最初似乎代价高昂。它将支付其市值的近四分之一，并通过全股票交易显着稀释其现有股份，收购一家2022年收入可能只会增加约5%的公司。</blockquote> Afterpay's revenue rose 78% in fiscal 2021, which ended in June, but Square's revenue surged 101% in 2020 and is expected to rise 102% this year. Therefore, Square seems to be paying a high premium and diluting its shares for a company that generates slower growth.<blockquote>在截至6月的2021财年，Afterpay的收入增长了78%，但Square的收入在2020年飙升了101%，预计今年将增长102%。因此，Square似乎正在为一家增长较慢的公司支付高额溢价并稀释其股票。</blockquote> However, Square's growth in 2020 and most of 2021 was largely driven by bitcoin trades during the pandemic. If we exclude those bitcoin sales, Square's revenue only rose 17% in 2020, and analysts expect its total revenue to grow just 13% in 2022 as those&nbsp;cryptocurrency trades&nbsp;normalize.<blockquote>然而，Square在2020年和2021年大部分时间的增长主要是由疫情期间的比特币交易推动的。如果我们排除这些比特币销售，Square的收入在2020年仅增长了17%，分析师预计，随着这些加密货币交易正常化，其总收入在2022年仅增长13%。</blockquote> However, they still expect Afterpay's revenue to rise 66% in fiscal 2022 -- so it could generate smoother growth than Square's volatile core business. Afterpay would also expand Square's overseas presence, since it only generates about half of its underlying sales in the United States.<blockquote>然而，他们仍然预计Afterpay的收入将在2022财年增长66%，因此它可能会比Square波动较大的核心业务产生更平稳的增长。Afterpay还将扩大Square的海外业务，因为它的基本销售额只有美国的一半左右。</blockquote> Afterpay's active customers grew 63% to 16.1 million in 2021, and it serves nearly 100,000 merchants worldwide. Square's Cash App hit 40 million active customers in June, up from 36 million at the end of 2020. Merging those two high-growth platforms together -- and adding Afterpay's BNPL services to its platforms -- could significantly expand Square's ecosystem.<blockquote>2021年，Afterpay的活跃客户增长了63%，达到1610万，为全球近10万家商户提供服务。Square的Cash应用程序6月份活跃客户达到4000万，高于2020年底的3600万。将这两个高增长平台合并在一起，并将Afterpay的BNPL服务添加到其平台中，可以显着扩展Square的生态系统。</blockquote> <h3>Should PayPal be concerned?</h3> PayPal was already in a vulnerable position after its second-quarter revenue growth and third-quarter revenue forecast missed Wall Street's expectations. It also warned that its loss of&nbsp;<a href=\"https://laohu8.com/S/EBAY\">eBay</a> to its&nbsp;Dutch rival&nbsp;<a href=\"https://laohu8.com/S/ADYEY\">Adyen N.V.</a>&nbsp;-- which concludes its three-year transition this year -- will throttle its near-term revenue growth.<blockquote><h3>PayPal应该担心吗？</h3>PayPal在二季度营收增长和三季度营收预估均不及华尔街预期后，已经处于弱势地位。它还警告说，其损失<a href=\"https://laohu8.com/S/EBAY\">eBay</a>对其荷兰竞争对手<a href=\"https://laohu8.com/S/ADYEY\">阿迪恩公司。</a>今年将结束为期三年的过渡，这将抑制其近期收入增长。</blockquote> That slowdown raises doubts about PayPal's ambitious plans to&nbsp;more than doubleits annual revenue by 2025, as well as concerns about its recent decision to hike its&nbsp;processing fees&nbsp;for U.S. merchants.<blockquote>这种放缓引发了人们对PayPal到2025年将年收入增加一倍以上的雄心勃勃的计划的怀疑，以及对其最近决定提高美国商家加工费的担忧。</blockquote> PayPal operates in over 200 markets worldwide, and its number of active accounts rose 16% year-over-year to 403 million in the second quarter. Its peer-to-peer payments app Venmo serves more than 50 million active users.<blockquote>PayPal在全球200多个市场开展业务，第二季度活跃账户数量同比增长16%至4.03亿。其点对点支付应用程序Venmo为超过5000万活跃用户提供服务。</blockquote> PayPal repeatedly cited its BNPL service as a growth engine during its latest&nbsp;conference call. Over seven million consumers have used its BNPL service for more than 20 million transactions so far. The service has processed more than $3.5 billion in TPV (total payment volume) since its launch, with $1.5 billion of that total processed in the second quarter alone.<blockquote>PayPal在最新的电话会议中多次将其BNPL服务视为增长引擎。迄今为止，已有超过700万消费者使用其BNPL服务进行了超过2000万笔交易。自推出以来，该服务已处理了超过35亿美元的TPV（总支付量），其中仅在第二季度就处理了15亿美元。</blockquote> That figure sounds impressive, but $1.5 billion only accounted for 0.5% of PayPal's total TPV of $311 billion during the quarter. It also reveals its Pay in 4 platform is still much smaller than Afterpay -- which generated $15.6 billion in underlying sales (comparable to PayPal's TPV) in fiscal 2021.<blockquote>这个数字听起来令人印象深刻，但15亿美元仅占PayPal本季度TPV总额3110亿美元的0.5%。它还透露，其Pay in 4平台仍远小于Afterpay，后者在2021财年产生了156亿美元的基本销售额（与PayPal的TPV相当）。</blockquote> PayPal previously offered \"pay later\" options with its revolving credit line and an Easy Payments feature, but \"Pay in 4\" marked its first step into the streamlined, interest-free BNPL market. But it arrived late to the party -- Afterpay was founded in 2014, while its Australian rival&nbsp;<a href=\"https://laohu8.com/S/Z1P.AU\">Zip</a> was founded in 2013.<blockquote>PayPal此前通过其循环信用额度和轻松支付功能提供了“稍后付款”选项，但“Pay in 4”标志着其进入精简、免息的BNPL市场的第一步。但它姗姗来迟——Afterpay成立于2014年，而其澳大利亚竞争对手<a href=\"https://laohu8.com/S/Z1P.AU\">拉链</a>成立于2013年。</blockquote> <h3>The bottom line</h3> On its own, Square's takeover of Afterpay won't derail PayPal's long-term growth.&nbsp;Bank of America&nbsp;estimates the market for BNPL apps will expand 10-15 fold by 2025, so there could be plenty of room for Square and PayPal to expand without trampling each other.<blockquote><h3>底线</h3>就其本身而言，Square对Afterpay的收购不会破坏PayPal的长期增长。美国银行据估计，到2025年，BNPL应用程序市场将扩大10-15倍，因此Square和PayPal可能有足够的扩张空间，而不会互相践踏。</blockquote> However, Square's massive acquisition of Afterpay, which instantly gives it a bigger share of the BNPL market than PayPal, highlights the key difference between the two fintech giants.<blockquote>然而，Square对Afterpay的大规模收购立即使其在BNPL市场的份额超过了PayPal，这凸显了这两家金融科技巨头之间的关键差异。</blockquote> Square is&nbsp;consistently more daring-- as seen with its early moves in bitcoin trades, stock trades, and the expansion of its seller services -- while PayPal is more conservative. Therefore, investors should question why PayPal didn't buy Afterpay first -- and if it needs to get more aggressive to hit its lofty growth targets for 2025.<blockquote>Square一直更加大胆——从其在比特币交易、股票交易和卖家服务扩张的早期举措就可以看出——而PayPal则更加保守。因此，投资者应该质疑PayPal为什么不首先收购Afterpay，以及它是否需要更加积极地实现2025年的崇高增长目标。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.fool.com/investing/2021/08/04/should-paypal-investors-be-worried-about-squares-a/\">The Motley Fool</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PYPL":"PayPal"},"source_url":"https://www.fool.com/investing/2021/08/04/should-paypal-investors-be-worried-about-squares-a/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198876511","content_text":"Square overtakes PayPal in the \"buy now, pay later\" space with a massive acquisition.\nKey Points\n\nSquare is buying Afterpay, a market leader in “buy now, pay later” services, for $29 billion.\nPayPal launched a similar “Pay in 4” service a year ago.\nBuying Afterpay could tilt the scales in Square’s favor.\n\n\nSquare recently agreed to buy Afterpay Ltd., an Australian \"buy now, pay later\" (BNPL) service provider, for $29 billion in stock. The deal represents a premium of 21.9% over Afterpay's ten-day weighted average share price, and values the company at 25 times this year's sales.\nSquare's stock rallied following the announcement, which accompanied a solid second-quarter reporton Aug. 1 that beat analysts' expectations. Meanwhile, shares of its rival PayPal, which had already been sliding following its mixedsecond-quarter report on July 28, fell even further after Square posted its earnings report and announced the Afterpay deal.\nIMAGE SOURCE: GETTY IMAGES.\nSquare's takeover of Afterpay counters PayPal's \"Pay in 4\" BNPL service, which it launched last August. Both Afterpay and Pay in 4 let customers pay for goods in four interest-free payments, but Square plans to integrate Afterpay into both its Seller ecosystem and its rapidly growing Cash App, which already provides peer-to-peer payments, bitcoin (CRYPTO:BTC) purchases, and stock trading services.\nShould PayPal's investors worry about Square's latest move? Or is there enough room for both companies and their other rivals to thrive in the expanding BNPL market?\nWhy is Square paying a premium for Afterpay?\nSquare's takeover of Afterpay, which will close in the first quarter of calendar 2022, initially seems pricey. It will pay nearly a quarter of its market cap -- and significantly dilute its existing shares with an all-stock transaction -- for a company that will likely only boost its 2022 revenue by about 5%.\nAfterpay's revenue rose 78% in fiscal 2021, which ended in June, but Square's revenue surged 101% in 2020 and is expected to rise 102% this year. Therefore, Square seems to be paying a high premium and diluting its shares for a company that generates slower growth.\nHowever, Square's growth in 2020 and most of 2021 was largely driven by bitcoin trades during the pandemic. If we exclude those bitcoin sales, Square's revenue only rose 17% in 2020, and analysts expect its total revenue to grow just 13% in 2022 as those cryptocurrency trades normalize.\nHowever, they still expect Afterpay's revenue to rise 66% in fiscal 2022 -- so it could generate smoother growth than Square's volatile core business. Afterpay would also expand Square's overseas presence, since it only generates about half of its underlying sales in the United States.\nAfterpay's active customers grew 63% to 16.1 million in 2021, and it serves nearly 100,000 merchants worldwide. Square's Cash App hit 40 million active customers in June, up from 36 million at the end of 2020. Merging those two high-growth platforms together -- and adding Afterpay's BNPL services to its platforms -- could significantly expand Square's ecosystem.\nShould PayPal be concerned?\nPayPal was already in a vulnerable position after its second-quarter revenue growth and third-quarter revenue forecast missed Wall Street's expectations. It also warned that its loss of eBay to its Dutch rival Adyen N.V. -- which concludes its three-year transition this year -- will throttle its near-term revenue growth.\nThat slowdown raises doubts about PayPal's ambitious plans to more than doubleits annual revenue by 2025, as well as concerns about its recent decision to hike its processing fees for U.S. merchants.\nPayPal operates in over 200 markets worldwide, and its number of active accounts rose 16% year-over-year to 403 million in the second quarter. Its peer-to-peer payments app Venmo serves more than 50 million active users.\nPayPal repeatedly cited its BNPL service as a growth engine during its latest conference call. Over seven million consumers have used its BNPL service for more than 20 million transactions so far. The service has processed more than $3.5 billion in TPV (total payment volume) since its launch, with $1.5 billion of that total processed in the second quarter alone.\nThat figure sounds impressive, but $1.5 billion only accounted for 0.5% of PayPal's total TPV of $311 billion during the quarter. It also reveals its Pay in 4 platform is still much smaller than Afterpay -- which generated $15.6 billion in underlying sales (comparable to PayPal's TPV) in fiscal 2021.\nPayPal previously offered \"pay later\" options with its revolving credit line and an Easy Payments feature, but \"Pay in 4\" marked its first step into the streamlined, interest-free BNPL market. But it arrived late to the party -- Afterpay was founded in 2014, while its Australian rival Zip was founded in 2013.\nThe bottom line\nOn its own, Square's takeover of Afterpay won't derail PayPal's long-term growth. Bank of America estimates the market for BNPL apps will expand 10-15 fold by 2025, so there could be plenty of room for Square and PayPal to expand without trampling each other.\nHowever, Square's massive acquisition of Afterpay, which instantly gives it a bigger share of the BNPL market than PayPal, highlights the key difference between the two fintech giants.\nSquare is consistently more daring-- as seen with its early moves in bitcoin trades, stock trades, and the expansion of its seller services -- while PayPal is more conservative. Therefore, investors should question why PayPal didn't buy Afterpay first -- and if it needs to get more aggressive to hit its lofty growth targets for 2025.","news_type":1,"symbols_score_info":{"PYPL":0.9,"SQ":0.9,"AFTPF":0.9}},"isVote":1,"tweetType":1,"viewCount":278,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":11,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/899004771"}