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- Yoda0603Yoda0603
  ·2021-06-23
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- Yoda0603Yoda0603
  ·2021-06-23
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- Yoda0603Yoda0603
  ·2021-06-15
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- Yoda0603Yoda0603
  ·2021-06-09
  [得意]
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- Yoda0603Yoda0603
  ·2021-06-08
  Well done
  6 Million Americans Are Rooting for Monday's Big Stock Market Winner<blockquote>600 万美国人支持周一股市大赢家</blockquote>
  It's not just about money. This company could change millions of lives for the better. It's not eve
  6 Million Americans Are Rooting for Monday's Big Stock Market Winner<blockquote>600 万美国人支持周一股市大赢家</blockquote>
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- Yoda0603Yoda0603
  ·2021-06-08
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- Yoda0603Yoda0603
  ·2021-06-07
  Good
  Toshiba to buy back 6% of shares, pay special dividend<blockquote>东芝将回购6%股份并支付特别股息</blockquote>
  TOKYO (Reuters) - Toshiba Corp said on Monday it will buy back up to 6% of its outstanding shares wo
  Toshiba to buy back 6% of shares, pay special dividend<blockquote>东芝将回购6%股份并支付特别股息</blockquote>
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- Yoda0603Yoda0603
  ·2021-06-06
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- Yoda0603Yoda0603
  ·2021-06-06
  Good
  Marqeta IPO: 5 things to know about the fintech company serving Square, DoorDash and others<blockquote>Marqeta IPO：关于这家为 Square、DoorDash 等公司提供服务的金融科技公司，您需要了解的 5 件事</blockquote>
  Marqeta could be valued at more than $12 billion after IPO that seeks to raise more than $1 billion
  Marqeta IPO: 5 things to know about the fintech company serving Square, DoorDash and others<blockquote>Marqeta IPO：关于这家为 Square、DoorDash 等公司提供服务的金融科技公司，您需要了解的 5 件事</blockquote>
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- Yoda0603Yoda0603
  ·2021-06-06
  Good
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done&nbsp;","listText":"Well done&nbsp;","text":"Well done","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/117657812","repostId":"1170180025","repostType":4,"repost":{"id":"1170180025","kind":"news","pubTimestamp":1623137843,"share":"https://www.laohu8.com/m/news/1170180025?lang=zh_CN&edition=full","pubTime":"2021-06-08 15:37","market":"us","language":"en","title":"6 Million Americans Are Rooting for Monday's Big Stock Market Winner<blockquote>600 万美国人支持周一股市大赢家</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1170180025","media":"Motley Fool","summary":"It's not just about money. This company could change millions of lives for the better.\n\nIt's not eve","content":"<p>  <b>It's not just about money. This company could change millions of lives for the better.</b>  It's not every day that a news event involving the stock market has the potential to change the lives of millions of people for the better. But that's what happened today, and although the decision involves some controversy, the latest approval from the U.S. Food and Drug Administration paves the way for a potential breakthrough for the more than 6 million Americans who suffer from a terrible and debilitating illness.</p><p><blockquote><b>不仅仅是钱的问题。这家公司可以让数百万人的生活变得更好。</b>并非每天都有涉及股市的新闻事件有可能让数百万人的生活变得更好。但这就是今天发生的事情，尽管这一决定涉及一些争议，但美国的最新批准。美国食品和药物管理局为600多万患有可怕和使人虚弱疾病的美国人的潜在突破铺平了道路。</blockquote></p><p> To be clear, the entire stock market didn't celebrate the news. The<b>Dow Jones Industrial Average</b>&nbsp;and<b>S&amp;P 500</b>were both down on the day, although gains for the<b>Nasdaq Composite</b>&nbsp;were nice to see.</p><p><blockquote>需要明确的是，整个股市并没有庆祝这一消息。这个<b>道琼斯工业指数</b>和<b>标普500</b>当天双双下跌，尽管上涨<b>纳斯达克复合材料</b>很高兴见到你。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/181bcc06eb97d19baf436292a1eb2331\" tg-width=\"793\" tg-height=\"292\">Indeed, the Nasdaq's gain came in part from the performance of the high-flying stock in question.<b>Biogen</b>(NASDAQ:BIIB)surged higher by more than 38% on Monday, and the gains came on hopes that the company might finally be able to solve the problem of Alzheimer's disease once and for all.</p><p><blockquote>事实上，纳斯达克指数的上涨部分来自该股票的表现。<b>百健</b>（纳斯达克股票代码：BIIB）周一飙升超过 38%，上涨源于人们希望该公司最终能够一劳永逸地解决阿尔茨海默病问题。</blockquote></p><p> <b>An approval for Biogen</b></p><p><blockquote><b>百健的批准</b></blockquote></p><p> Biogen's stock soared after a long trading halt that lasted nearly three hours. At noon EDT,Biogen issued a press releasethat announced the FDA's accelerated approval of its aducanumab-avwa treatment for Alzheimer's disease. Using the marketing name Aduhelm for the drug, Biogen claimed the status as having the first and only Alzheimer's treatment addressing what it called \"a defining pathology of the disease\" by reducing amyloid beta plaque levels in patients' brains.</p><p><blockquote>百健的股价在持续近三个小时的长时间停牌后飙升。美国东部时间中午，百健发布新闻稿，宣布FDA加速批准其治疗阿尔茨海默病的aducanumab-avwa疗法。Biogen 使用该药物的营销名称 Aduhelm，声称拥有第一个也是唯一一个通过降低患者大脑中淀粉样β斑块水平来解决其所谓的“该疾病的决定性病理”的阿尔茨海默病治疗方法。</blockquote></p><p> Biogen said that the FDA issued the accelerated approval based on clinical trial data demonstrating plaque reduction. It'll be up to continuing studies to verify that success in fighting amyloid beta plaque will actually reduce the rate of clinical decline that Alzheimer's disease patients suffer.</p><p><blockquote>百健表示，FDA基于证明斑块减少的临床试验数据发布加速批准。这将取决于持续的研究来验证，成功对抗淀粉样β斑块实际上将降低阿尔茨海默病患者遭受的临床下降率。</blockquote></p><p> CEO Michel Vounatsos calling the approval a \"historic moment\" and celebrated the decade-long work of numerous researchers. Officials at<b>Eisai</b>(OTC:ESALY), which has worked together with Biogen on the treatment, were similarly pleased. Eisai stock jumped as much as 70% in over-the-counter trading.</p><p><blockquote>首席执行官 Michel Vounatsos 称此次批准是“历史性时刻”，并庆祝了众多研究人员十年来的工作。官员<b>卫材</b>（OTC：ESALY）与百健（Biogen）合作进行治疗，也同样感到高兴。卫材股价在场外交易中上涨了70%。</blockquote></p><p> <b>Why Biogen's win is controversial</b></p><p><blockquote><b>为什么百健的胜利存在争议</b></blockquote></p><p> Yet others remain skeptical about Biogen's victory. Although the company has done a good job of showing the direct impact of the treatment on amyloid protein formation, making the further link to demonstrate actual improvement in Alzheimer's symptoms like cognitive ability has been more elusive. In fact,past trials have specifically failedto establish statistically significant benefits.</p><p><blockquote>然而，其他人仍然对百健的胜利持怀疑态度。尽管该公司在展示治疗对淀粉样蛋白形成的直接影响方面做得很好，但进一步联系以证明认知能力等阿尔茨海默氏症症状的实际改善则更加难以捉摸。事实上， 过去的试验尤其未能确定具有统计学意义的益处。</blockquote></p><p> Also unusual is the extent of disagreement among researchers in the field.A panel of independent experts wasn't convincedwhen presented with Aduhelm's results that the treatment could directly improve symptoms.</p><p><blockquote>同样不寻常的是该领域研究人员之间的分歧程度。当一个独立专家小组看到阿杜赫尔姆的结果时，他们并不相信这种治疗可以直接改善症状。</blockquote></p><p> Nevertheless, Biogen can expect sales of Aduhelm to be brisk. With the only approved treatment on the market, Biogen will have many medical professionals looking to try it even if they're skeptical about its eventual impact. That will inevitably produce billions of dollars in revenue for Biogen while allowing the company to continue collecting data on any positive impacts of the treatment on patients.</p><p><blockquote>尽管如此，百健预计 Aduhelm 的销售将会强劲。作为市场上唯一被批准的治疗方法，百健将有许多医疗专业人员寻求尝试它，即使他们对其最终影响持怀疑态度。这将不可避免地为百健带来数十亿美元的收入，同时使该公司能够继续收集有关治疗对患者的任何积极影响的数据。</blockquote></p><p> <b>Hoping for a cure</b></p><p><blockquote><b>希望治愈</b></blockquote></p><p> It's precisely because so much is on the line for so many people that Biogen's Alzheimer's treatment generates such strong emotion. Nevertheless, everyone has to be hoping that Aduhelm will be able to prove itself once and for all and start providing relief for those who suffer from the disease.</p><p><blockquote>正是因为如此多的人面临如此多的风险，百健的阿尔茨海默氏症治疗产生了如此强烈的情感。然而，每个人都必须希望Aduhelm能够一劳永逸地证明自己，并开始为那些患有这种疾病的人提供救济。</blockquote></p><p></p>","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>6 Million Americans Are Rooting for Monday's Big Stock Market Winner<blockquote>600 万美国人支持周一股市大赢家</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\">\n6 Million Americans Are Rooting for Monday's Big Stock Market Winner<blockquote>600 万美国人支持周一股市大赢家</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-06-08 15:37</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>It's not just about money. This company could change millions of lives for the better.</b>  It's not every day that a news event involving the stock market has the potential to change the lives of millions of people for the better. But that's what happened today, and although the decision involves some controversy, the latest approval from the U.S. Food and Drug Administration paves the way for a potential breakthrough for the more than 6 million Americans who suffer from a terrible and debilitating illness.</p><p><blockquote><b>不仅仅是钱的问题。这家公司可以让数百万人的生活变得更好。</b>并非每天都有涉及股市的新闻事件有可能让数百万人的生活变得更好。但这就是今天发生的事情，尽管这一决定涉及一些争议，但美国的最新批准。美国食品和药物管理局为600多万患有可怕和使人虚弱疾病的美国人的潜在突破铺平了道路。</blockquote></p><p> To be clear, the entire stock market didn't celebrate the news. The<b>Dow Jones Industrial Average</b>&nbsp;and<b>S&amp;P 500</b>were both down on the day, although gains for the<b>Nasdaq Composite</b>&nbsp;were nice to see.</p><p><blockquote>需要明确的是，整个股市并没有庆祝这一消息。这个<b>道琼斯工业指数</b>和<b>标普500</b>当天双双下跌，尽管上涨<b>纳斯达克复合材料</b>很高兴见到你。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/181bcc06eb97d19baf436292a1eb2331\" tg-width=\"793\" tg-height=\"292\">Indeed, the Nasdaq's gain came in part from the performance of the high-flying stock in question.<b>Biogen</b>(NASDAQ:BIIB)surged higher by more than 38% on Monday, and the gains came on hopes that the company might finally be able to solve the problem of Alzheimer's disease once and for all.</p><p><blockquote>事实上，纳斯达克指数的上涨部分来自该股票的表现。<b>百健</b>（纳斯达克股票代码：BIIB）周一飙升超过 38%，上涨源于人们希望该公司最终能够一劳永逸地解决阿尔茨海默病问题。</blockquote></p><p> <b>An approval for Biogen</b></p><p><blockquote><b>百健的批准</b></blockquote></p><p> Biogen's stock soared after a long trading halt that lasted nearly three hours. At noon EDT,Biogen issued a press releasethat announced the FDA's accelerated approval of its aducanumab-avwa treatment for Alzheimer's disease. Using the marketing name Aduhelm for the drug, Biogen claimed the status as having the first and only Alzheimer's treatment addressing what it called \"a defining pathology of the disease\" by reducing amyloid beta plaque levels in patients' brains.</p><p><blockquote>百健的股价在持续近三个小时的长时间停牌后飙升。美国东部时间中午，百健发布新闻稿，宣布FDA加速批准其治疗阿尔茨海默病的aducanumab-avwa疗法。Biogen 使用该药物的营销名称 Aduhelm，声称拥有第一个也是唯一一个通过降低患者大脑中淀粉样β斑块水平来解决其所谓的“该疾病的决定性病理”的阿尔茨海默病治疗方法。</blockquote></p><p> Biogen said that the FDA issued the accelerated approval based on clinical trial data demonstrating plaque reduction. It'll be up to continuing studies to verify that success in fighting amyloid beta plaque will actually reduce the rate of clinical decline that Alzheimer's disease patients suffer.</p><p><blockquote>百健表示，FDA基于证明斑块减少的临床试验数据发布加速批准。这将取决于持续的研究来验证，成功对抗淀粉样β斑块实际上将降低阿尔茨海默病患者遭受的临床下降率。</blockquote></p><p> CEO Michel Vounatsos calling the approval a \"historic moment\" and celebrated the decade-long work of numerous researchers. Officials at<b>Eisai</b>(OTC:ESALY), which has worked together with Biogen on the treatment, were similarly pleased. Eisai stock jumped as much as 70% in over-the-counter trading.</p><p><blockquote>首席执行官 Michel Vounatsos 称此次批准是“历史性时刻”，并庆祝了众多研究人员十年来的工作。官员<b>卫材</b>（OTC：ESALY）与百健（Biogen）合作进行治疗，也同样感到高兴。卫材股价在场外交易中上涨了70%。</blockquote></p><p> <b>Why Biogen's win is controversial</b></p><p><blockquote><b>为什么百健的胜利存在争议</b></blockquote></p><p> Yet others remain skeptical about Biogen's victory. Although the company has done a good job of showing the direct impact of the treatment on amyloid protein formation, making the further link to demonstrate actual improvement in Alzheimer's symptoms like cognitive ability has been more elusive. In fact,past trials have specifically failedto establish statistically significant benefits.</p><p><blockquote>然而，其他人仍然对百健的胜利持怀疑态度。尽管该公司在展示治疗对淀粉样蛋白形成的直接影响方面做得很好，但进一步联系以证明认知能力等阿尔茨海默氏症症状的实际改善则更加难以捉摸。事实上， 过去的试验尤其未能确定具有统计学意义的益处。</blockquote></p><p> Also unusual is the extent of disagreement among researchers in the field.A panel of independent experts wasn't convincedwhen presented with Aduhelm's results that the treatment could directly improve symptoms.</p><p><blockquote>同样不寻常的是该领域研究人员之间的分歧程度。当一个独立专家小组看到阿杜赫尔姆的结果时，他们并不相信这种治疗可以直接改善症状。</blockquote></p><p> Nevertheless, Biogen can expect sales of Aduhelm to be brisk. With the only approved treatment on the market, Biogen will have many medical professionals looking to try it even if they're skeptical about its eventual impact. That will inevitably produce billions of dollars in revenue for Biogen while allowing the company to continue collecting data on any positive impacts of the treatment on patients.</p><p><blockquote>尽管如此，百健预计 Aduhelm 的销售将会强劲。作为市场上唯一被批准的治疗方法，百健将有许多医疗专业人员寻求尝试它，即使他们对其最终影响持怀疑态度。这将不可避免地为百健带来数十亿美元的收入，同时使该公司能够继续收集有关治疗对患者的任何积极影响的数据。</blockquote></p><p> <b>Hoping for a cure</b></p><p><blockquote><b>希望治愈</b></blockquote></p><p> It's precisely because so much is on the line for so many people that Biogen's Alzheimer's treatment generates such strong emotion. Nevertheless, everyone has to be hoping that Aduhelm will be able to prove itself once and for all and start providing relief for those who suffer from the disease.</p><p><blockquote>正是因为如此多的人面临如此多的风险，百健的阿尔茨海默氏症治疗产生了如此强烈的情感。然而，每个人都必须希望Aduhelm能够一劳永逸地证明自己，并开始为那些患有这种疾病的人提供救济。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/06/07/6-million-americans-are-rooting-for-mondays-big-st/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BIIB":"渤健公司"},"source_url":"https://www.fool.com/investing/2021/06/07/6-million-americans-are-rooting-for-mondays-big-st/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170180025","content_text":"It's not just about money. This company could change millions of lives for the better.\n\nIt's not every day that a news event involving the stock market has the potential to change the lives of millions of people for the better. But that's what happened today, and although the decision involves some controversy, the latest approval from the U.S. Food and Drug Administration paves the way for a potential breakthrough for the more than 6 million Americans who suffer from a terrible and debilitating illness.\nTo be clear, the entire stock market didn't celebrate the news. TheDow Jones Industrial Average andS&P 500were both down on the day, although gains for theNasdaq Composite were nice to see.\nIndeed, the Nasdaq's gain came in part from the performance of the high-flying stock in question.Biogen(NASDAQ:BIIB)surged higher by more than 38% on Monday, and the gains came on hopes that the company might finally be able to solve the problem of Alzheimer's disease once and for all.\nAn approval for Biogen\nBiogen's stock soared after a long trading halt that lasted nearly three hours. At noon EDT,Biogen issued a press releasethat announced the FDA's accelerated approval of its aducanumab-avwa treatment for Alzheimer's disease. Using the marketing name Aduhelm for the drug, Biogen claimed the status as having the first and only Alzheimer's treatment addressing what it called \"a defining pathology of the disease\" by reducing amyloid beta plaque levels in patients' brains.\nBiogen said that the FDA issued the accelerated approval based on clinical trial data demonstrating plaque reduction. It'll be up to continuing studies to verify that success in fighting amyloid beta plaque will actually reduce the rate of clinical decline that Alzheimer's disease patients suffer.\nCEO Michel Vounatsos calling the approval a \"historic moment\" and celebrated the decade-long work of numerous researchers. Officials atEisai(OTC:ESALY), which has worked together with Biogen on the treatment, were similarly pleased. Eisai stock jumped as much as 70% in over-the-counter trading.\nWhy Biogen's win is controversial\nYet others remain skeptical about Biogen's victory. Although the company has done a good job of showing the direct impact of the treatment on amyloid protein formation, making the further link to demonstrate actual improvement in Alzheimer's symptoms like cognitive ability has been more elusive. In fact,past trials have specifically failedto establish statistically significant benefits.\nAlso unusual is the extent of disagreement among researchers in the field.A panel of independent experts wasn't convincedwhen presented with Aduhelm's results that the treatment could directly improve symptoms.\nNevertheless, Biogen can expect sales of Aduhelm to be brisk. With the only approved treatment on the market, Biogen will have many medical professionals looking to try it even if they're skeptical about its eventual impact. That will inevitably produce billions of dollars in revenue for Biogen while allowing the company to continue collecting data on any positive impacts of the treatment on patients.\nHoping for a cure\nIt's precisely because so much is on the line for so many people that Biogen's Alzheimer's treatment generates such strong emotion. Nevertheless, everyone has to be hoping that Aduhelm will be able to prove itself once and for all and start providing relief for those who suffer from the disease.","news_type":1,"symbols_score_info":{"BIIB":0.9}},"isVote":1,"tweetType":1,"viewCount":2970,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":117652266,"gmtCreate":1623140126155,"gmtModify":1634036532990,"author":{"id":"3576631475134774","authorId":"3576631475134774","name":"Yoda0603","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576631475134774","authorIdStr":"3576631475134774"},"themes":[],"title":"","htmlText":"Good !!","listText":"Good !!","text":"Good !!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/117652266","repostId":"1125998409","repostType":4,"isVote":1,"tweetType":1,"viewCount":2485,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":114958969,"gmtCreate":1623044612451,"gmtModify":1634095893529,"author":{"id":"3576631475134774","authorId":"3576631475134774","name":"Yoda0603","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576631475134774","authorIdStr":"3576631475134774"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/114958969","repostId":"1170185754","repostType":4,"repost":{"id":"1170185754","kind":"news","pubTimestamp":1623037748,"share":"https://www.laohu8.com/m/news/1170185754?lang=zh_CN&edition=full","pubTime":"2021-06-07 11:49","market":"us","language":"en","title":"Toshiba to buy back 6% of shares, pay special dividend<blockquote>东芝将回购6%股份并支付特别股息</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1170185754","media":"Reuters","summary":"TOKYO (Reuters) - Toshiba Corp said on Monday it will buy back up to 6% of its outstanding shares wo","content":"<p>TOKYO (Reuters) - Toshiba Corp said on Monday it will buy back up to 6% of its outstanding shares worth around 100 billion yen ($913 million), in line with its plans to boost shareholder returns.</p><p><blockquote>东京（路透社）-东芝公司周一表示，将回购最多6%的流通股，价值约1000亿日元（9.13亿美元），以符合其提高股东回报的计划。</blockquote></p><p>The Japanese industrial conglomerate will also allocate about 50 billion yen to pay a special dividend as \"some shareholders, mainly retail shareholders, prefer dividends\", it said in a statement.</p><p><blockquote>这家日本工业集团在一份声明中表示，由于“一些股东，主要是散户股东，更喜欢股息”，还将拨款约500亿日元支付特别股息。</blockquote></p><p>Toshiba, which has been under pressure from activist shareholders, last month promised to return to shareholders a surplus of 150 billion yen against the appropriate shareholder equity level.</p><p><blockquote>一直受到激进股东压力的东芝上个月承诺，将向股东返还相对于适当股东权益水平的1500亿日元盈余。</blockquote></p><p></p>","source":"lsy1612507957220","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>Toshiba to buy back 6% of shares, pay special dividend<blockquote>东芝将回购6%股份并支付特别股息</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\">\nToshiba to buy back 6% of shares, pay special dividend<blockquote>东芝将回购6%股份并支付特别股息</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-06-07 11:49</span>\n</p>\n</h4>\n</header>\n<article>\n<p>TOKYO (Reuters) - Toshiba Corp said on Monday it will buy back up to 6% of its outstanding shares worth around 100 billion yen ($913 million), in line with its plans to boost shareholder returns.</p><p><blockquote>东京（路透社）-东芝公司周一表示，将回购最多6%的流通股，价值约1000亿日元（9.13亿美元），以符合其提高股东回报的计划。</blockquote></p><p>The Japanese industrial conglomerate will also allocate about 50 billion yen to pay a special dividend as \"some shareholders, mainly retail shareholders, prefer dividends\", it said in a statement.</p><p><blockquote>这家日本工业集团在一份声明中表示，由于“一些股东，主要是散户股东，更喜欢股息”，还将拨款约500亿日元支付特别股息。</blockquote></p><p>Toshiba, which has been under pressure from activist shareholders, last month promised to return to shareholders a surplus of 150 billion yen against the appropriate shareholder equity level.</p><p><blockquote>一直受到激进股东压力的东芝上个月承诺，将向股东返还相对于适当股东权益水平的1500亿日元盈余。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/toshiba-buy-back-6-shares-033708746.html\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TOSYY":"东芝"},"source_url":"https://finance.yahoo.com/news/toshiba-buy-back-6-shares-033708746.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170185754","content_text":"TOKYO (Reuters) - Toshiba Corp said on Monday it will buy back up to 6% of its outstanding shares worth around 100 billion yen ($913 million), in line with its plans to boost shareholder returns.The Japanese industrial conglomerate will also allocate about 50 billion yen to pay a special dividend as \"some shareholders, mainly retail shareholders, prefer dividends\", it said in a statement.Toshiba, which has been under pressure from activist shareholders, last month promised to return to shareholders a surplus of 150 billion yen against the appropriate shareholder equity level.","news_type":1,"symbols_score_info":{"TOSYY":0.9}},"isVote":1,"tweetType":1,"viewCount":2039,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115837602,"gmtCreate":1622969111906,"gmtModify":1634096488665,"author":{"id":"3576631475134774","authorId":"3576631475134774","name":"Yoda0603","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576631475134774","authorIdStr":"3576631475134774"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/115837602","repostId":"2140540596","repostType":4,"isVote":1,"tweetType":1,"viewCount":2031,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115837918,"gmtCreate":1622969052334,"gmtModify":1634096489026,"author":{"id":"3576631475134774","authorId":"3576631475134774","name":"Yoda0603","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576631475134774","authorIdStr":"3576631475134774"},"themes":[],"title":"","htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/115837918","repostId":"2141402879","repostType":4,"repost":{"id":"2141402879","kind":"highlight","pubTimestamp":1622942472,"share":"https://www.laohu8.com/m/news/2141402879?lang=zh_CN&edition=full","pubTime":"2021-06-06 09:21","market":"us","language":"en","title":"Marqeta IPO: 5 things to know about the fintech company serving Square, DoorDash and others<blockquote>Marqeta IPO：关于这家为 Square、DoorDash 等公司提供服务的金融科技公司，您需要了解的 5 件事</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2141402879","media":"MarketWatch","summary":"Marqeta could be valued at more than $12 billion after IPO that seeks to raise more than $1 billion\n","content":"<p>Marqeta could be valued at more than $12 billion after IPO that seeks to raise more than $1 billion</p><p><blockquote>Marqeta 在寻求筹集超过 10 亿美元的 IPO 后估值可能超过 120 亿美元</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/412c348141d4444464c736dce5633419\" tg-width=\"1260\" tg-height=\"937\"><span>Square Inc. accounted for 70% of Marqeta Inc.'s revenue last year; Marqeta's card-issuing technology helps Square offer debit cards to its Cash App customers.</span></p><p><blockquote><p class=\"t-img-caption\"><span>Square Inc. 去年占 Marqeta Inc. 收入的 70%；Marqeta 的发卡技术帮助 Square 向其 Cash App 客户提供借记卡。</span></p></blockquote></p><p> Investors could soon have a new way to play the payments infrastructure behind some of Silicon Valley's hottest companies.</p><p><blockquote>投资者可能很快就会有一种新的方式来利用硅谷一些最热门公司背后的支付基础设施。</blockquote></p><p> Companies from Instacart to DoorDash Inc. <a href=\"https://laohu8.com/S/DASH\">$(DASH)$</a> to Affirm Holdings Inc. <a href=\"https://laohu8.com/S/AFRM\">$(AFRM)$</a> rely on card payments to facilitate customer purchases, allowing delivery workers to pay for just the items in orders, for instance. Marqeta Inc. offers card-issuing technology that lets businesses build out these functions, and the financial technology company is now in the process of going public.</p><p><blockquote>从Instacart到DoorDash Inc.的公司。<a href=\"https://laohu8.com/S/DASH\">$(破折号)$</a>肯定控股公司。<a href=\"https://laohu8.com/S/AFRM\">$(AFRM)$</a>例如，依靠卡支付来方便客户购买，允许送货员只支付订单中的商品。Marqeta Inc. 提供发卡技术，让企业能够构建这些功能，这家金融科技公司目前正在上市。</blockquote></p><p> Oakland, Calif.-based Marqeta, which was incorporated in 2010, says that's it putting a modern spin on the practice of issuing customized cards. The company offers application programming interfaces, or APIs, that let companies leverage Marqeta's relationships with banks and card networks while building out virtual and physical card programs.</p><p><blockquote>总部位于加利福尼亚州奥克兰的 Marqeta 成立于 2010 年，该公司表示，这是它为发行定制卡的做法注入了现代元素。该公司提供应用程序编程接口（API），使公司能够在构建虚拟和物理卡程序时利用 Marqeta 与银行和卡网络的关系。</blockquote></p><p> Square Inc. <a href=\"https://laohu8.com/S/SQ\">$(SQ)$</a> is Marqeta's largest customer, relying on Marqeta technology to power Cash Card debit cards that let users spend the funds from their mobile wallets. Marqeta also enables a function that lets Square's Cash App users receive direct deposits from employers or the government, according to the prospectus Marqeta filed with the Securities and Exchange Commission ahead of its initial public offering.</p><p><blockquote>广场公司。<a href=\"https://laohu8.com/S/SQ\">$(平方)$</a>是 Marqeta 最大的客户，依靠 Marqeta 技术为现金卡借记卡提供动力，让用户可以使用移动钱包中的资金。根据 Marqeta 在首次公开募股前向美国证券交易委员会提交的招股说明书，Marqeta 还启用了一项功能，允许 Square 的现金应用程序用户直接从雇主或政府接收存款。</blockquote></p><p> Marqeta is looking to offer about 45 million Class A shares priced at $20 to $24 apiece through its IPO, while founder and Chief Executive Jason Gardner, as well as early investors, receive class B shares with 10 times the voting power. The company would raise almost $1.1 billion at the high end of that proposed range while fetching a valuation over $12 billion. Underwriters, led by Goldman Sachs and JP Morgan, have access to an additional 6.8 million shares. Marqeta expects to list on the Nasdaq exchange under the ticker symbol MQ.</p><p><blockquote>Marqeta 希望通过 IPO 发行约 4500 万股 A 类股票，每股定价为 20 至 24 美元，而创始人兼首席执行官杰森·加德纳 (Jason Gardner) 以及早期投资者将获得 10 倍投票权的 B 类股票。该公司将在拟议范围的上限筹集近 11 亿美元，同时获得超过 120 亿美元的估值。以高盛和摩根大通为首的承销商可以额外获得 680 万股股票。Marqeta 预计将在纳斯达克交易所上市，股票代码为 MQ。</blockquote></p><p> Here are five things to know about Marqeta ahead of offering its shares, which are expected to begin trading on June 9.</p><p><blockquote>在 Marqeta 发行股票之前，您需要了解以下五件事，该公司预计将于 6 月 9 日开始交易。</blockquote></p><p> <b>Doubling revenue, but still in the red</b></p><p><blockquote><b>收入翻倍，但仍处于亏损状态</b></blockquote></p><p> Marqeta generated net revenue of $290.3 million last year, more than double the $143.3 million that the company recorded a year earlier. For the first quarter of 2021, Marqeta saw revenue rise to $108.0 million from $48.4 million.</p><p><blockquote>Marqeta 去年的净收入为 2.903 亿美元，是该公司去年同期 1.433 亿美元的两倍多。2021 年第一季度，Marqeta 的收入从 4840 万美元增至 1.08 亿美元。</blockquote></p><p> The company is still losing money, though losses narrowed in the last fiscal year. Marqeta posted a net loss of $47.7 million in 2020, compared with a loss of $58.2 million in 2019. Marqeta lost $12.8 million in the first quarter of 2021, compared with $14.5 million in the comparable period a year prior.</p><p><blockquote>尽管上一财年亏损有所收窄，但该公司仍在亏损。Marqeta 2020年净亏损4770万美元，而2019年亏损5820万美元。Marqeta 在 2021 年第一季度亏损 1280 万美元，而去年同期亏损 1450 万美元。</blockquote></p><p> Marqeta's total processing volume, or the dollar value of payments processed through its platform, increased 167% in the first quarter to reach $24 billion.</p><p><blockquote>Marqeta 的总处理量（即通过其平台处理的支付的美元价值）在第一季度增长了 167%，达到 240 亿美元。</blockquote></p><p> <b>Squarely its biggest customer</b></p><p><blockquote><b>完全是它最大的客户</b></blockquote></p><p> Marqeta is highly reliant on Square, which accounted for 70% of the company's net revenue last year and 73% of its net revenue in the first quarter of 2021.</p><p><blockquote>Marqeta高度依赖Square，Square占公司去年净收入的70%，2021年第一季度净收入的73%。</blockquote></p><p> \"Although we expect the net revenue from our largest customer will decrease over time as a percentage of our total net revenue as we generate more net revenue from other customers, we expect that net revenue from a relatively small group of customers will continue to account for a significant portion of our net revenue in the near term,\" the company notes among the risk factors listed in its prospectus.</p><p><blockquote>“尽管我们预计来自最大客户的净收入占我们总净收入的百分比将随着时间的推移而下降，因为我们从其他客户那里产生了更多的净收入，但我们预计来自相对较小的客户群的净收入将继续占我们短期内净收入的很大一部分，”该公司在招股说明书中列出的风险因素中指出。</blockquote></p><p> \"It's unprecedented to see a company going public with that much of business coming from <a href=\"https://laohu8.com/S/AONE\">one</a> customer,\" Jordan McKee, a principal analyst at 451 Research, told MarketWatch.</p><p><blockquote>“看到一家公司上市时拥有如此多的业务，这是前所未有的<a href=\"https://laohu8.com/S/AONE\">一</a>客户，”451 Research 首席分析师 Jordan McKee 告诉 MarketWatch。</blockquote></p><p> Marqeta's Cash App contract term ends in March 2024, and its contract for the Square Card -- a separate product meant for businesses -- expires in December 2024. Both agreements can automatically renew for successive <a href=\"https://laohu8.com/S/AONE.U\">one</a>-year periods after that.</p><p><blockquote>Marqeta 的 Cash App 合同期将于 2024 年 3 月结束，其 Square Card（一种面向企业的独立产品）的合同将于 2024 年 12 月到期。两份协议均可自动续期<a href=\"https://laohu8.com/S/AONE.U\">一</a>-之后的几年。</blockquote></p><p> Bernstein analyst Harshita Rawat sees little risk that Square moves its business to another card-issuing platform, since the other companies offering this technology are those Square competes with in other areas of its business. The bigger long-term risk is that Square develops card-issuing capabilities in-house, in her view.</p><p><blockquote>Bernstein 分析师 Harshita Rawat 认为 Square 将业务转移到另一个发卡平台的风险很小，因为提供这项技术的其他公司是 Square 在其他业务领域竞争的公司。她认为，更大的长期风险是 Square 在内部开发发卡能力。</blockquote></p><p> \"While it is very hard to definitively say whether Square is considering building an in-house solution or not ---- we believe precedence exists with Stripe and Adyen, and as such this customer-concentration risk should be baked into Marqeta's valuation,\" Rawat wrote.</p><p><blockquote>“虽然很难明确地说 Square 是否正在考虑构建内部解决方案，但我们认为 Stripe 和 Adyen 具有优先权，因此这种客户集中风险应该纳入 Marqeta 的估值中，”拉瓦特写道。</blockquote></p><p> <b>Meet the competition</b></p><p><blockquote><b>迎接竞争</b></blockquote></p><p></p><p> Marqeta concedes that it's in a competitive market, as the company goes up against more traditional players like Global Payments Inc. <a href=\"https://laohu8.com/S/GPN\">$(GPN)$</a> and Fiserv Inc. <a href=\"https://laohu8.com/S/FISV\">$(FISV)$</a> as well as \"emerging providers\" like Stripe and Adyen NV .</p><p><blockquote>Marqeta 承认，这是一个竞争激烈的市场，因为该公司将与 Global Payments Inc. 等更传统的参与者展开竞争。<a href=\"https://laohu8.com/S/GPN\">$(GPN)$</a>和 Fiserv 公司。<a href=\"https://laohu8.com/S/FISV\">$(FISV)$</a>以及 Stripe 和 Adyen NV 等“新兴提供商”。</blockquote></p><p> Rawat wrote that the more old-school financial-services players \"don't have adequate capabilities and speed-to-market to compete effectively in new-age issuer market,\" though she's \"closely watching Stripe as one of the most formidable competitors for Marqeta over time.\" Stripe has existing relationships with merchants as well as a more \"off-the-shelf\" product.</p><p><blockquote>拉瓦特写道，更老派的金融服务参与者“没有足够的能力和上市速度来在新时代的发行人市场中有效竞争”，尽管她“正在密切关注 Stripe，将其视为 Marqeta 最强大的竞争对手之一随着时间的推移。”Stripe与商家有现有的关系，也有更“现成”的产品。</blockquote></p><p> While Rawat highlighted Stripe's more generalized offering as a possible benefit for that company relative to Marqeta, which has a more customizable product, Jefferies analyst Trevor Williams saw things differently after a number of industry conversations, including with a former Marqeta product vice president. Williams pointed to the customization options as an advantage for Marqeta and said that there are high switching costs of moving to a new platform.</p><p><blockquote>虽然 Rawat 强调 Stripe 更通用的产品对该公司来说可能是一个好处，而 Marqeta 拥有更可定制的产品，但 Jefferies 分析师 Trevor Williams 在多次行业对话（包括与前 Marqeta 产品副总裁）后，有了不同的看法。Williams 指出定制选项是 Marqeta 的优势，并表示迁移到新平台的转换成本很高。</blockquote></p><p> \"Our expert believes switches are unlikely unless a business need is not being met by Marqeta,\" he wrote, citing the \"engineering resources needed to manage a conversion, especially if card products are noncore for the customer (e.g. DoorDash isn't dependent on interchange).\"</p><p><blockquote>“我们的专家认为，除非 Marqeta 满足业务需求，否则不太可能进行转换，”他写道，并引用了“管理转换所需的工程资源，特别是如果卡产品不是客户的核心产品（例如 DoorDash 不依赖于交换）。”</blockquote></p><p> MKM Partners analyst Rohit Kulkarni wrote that the upstart fintech competitors have \"similar but arguably less sophisticated offerings.\"</p><p><blockquote>MKM Partners 分析师 Rohit Kulkarni 写道，新贵金融科技竞争对手拥有“类似但可以说不太复杂的产品”。</blockquote></p><p> <b>About interchange</b></p><p><blockquote><b>关于交换</b></blockquote></p><p> Marqeta generates most of its revenue from interchange fees, which are fees that merchant banks pay card-issuing banks when a customer makes a transaction with a credit or debit card. \"Our agreements with issuing banks provide that we receive 100% of the interchange fees for processing our customer's card transactions,\" Marqeta notes it its prospectus.</p><p><blockquote>Marqeta 的大部分收入来自交换费，交换费是当客户使用信用卡或借记卡进行交易时，商业银行向发卡银行支付的费用。Marqeta 在其招股说明书中指出：“我们与发卡银行的协议规定，我们将收取 100% 的交换费来处理客户的卡交易。”</blockquote></p><p> Card networks set interchange fees, but the Durbin Amendment in 2010 capped debit interchange. Some smaller banks are exempt from the Durbin limits, however, and Marqeta \"currently only contract[s] with issuing banks that are exempt from the Durbin Amendment when we provide program management services,\" according to the company's prospectus.</p><p><blockquote>卡网络设定交换费，但2010年的德宾修正案限制了借记交换。然而，一些较小的银行不受德宾限制的约束，根据该公司的招股说明书，Marqeta“目前仅在我们提供项目管理服务时与不受德宾修正案约束的发行银行签订合同”。</blockquote></p><p> \"In a nutshell, Durbin-exempt interchange [percentage] across consumer and commercial card transactions (both of which Marqeta is exposed to through its different offerings) is likely 1.4% average for consumer (there is a wide range depending on the type of transaction) and &gt;2% for commercial spend,\" Bernstein's Rawat wrote. \"This is in contrast to 0.5% average interchange for Durbin-regulated transactions.\"</p><p><blockquote>“简而言之，消费者和商业卡交易（Marqeta 通过其不同的产品进行这两种交易）的德宾豁免交换 [百分比] 对于消费者来说可能平均为 1.4%（范围很广，具体取决于交易类型）和 &gt;2% 用于商业支出，”伯恩斯坦的拉瓦特写道。“这与德宾监管交易的平均交换率为 0.5% 形成鲜明对比。”</blockquote></p><p> Rawat believes that Marqeta's work with Durbin-exempt issuers helps the company generate higher revenue \"yields\" than more traditional partners that work with larger, nonexempt issuing banks, meaning that the company can keep a greater portion of volume as revenue. While she said that investors should monitor the risk of potential changes to exemption rules, she also wrote that \"there doesn't appear to be a willingness by the regulators or government to repeal Durbin exemption or make it harder for fintechs or tech giants to benefit from this.\"</p><p><blockquote>Rawat 认为，Marqeta 与 Durbin 豁免发行人的合作有助于该公司产生比与大型非豁免发行银行合作的更传统合作伙伴更高的收入“收益率”，这意味着该公司可以保留更大份额的收入。虽然她表示投资者应该监控豁免规则潜在变化的风险，但她也写道，“监管机构或政府似乎不愿意废除德宾豁免，也不愿意让金融科技公司或科技巨头更难从中受益。”</blockquote></p><p> <b>A big market</b></p><p><blockquote><b>大市场</b></blockquote></p><p> Marqeta processed about $60 billion of volume last year, which it notes is less than 1% of the $6.7 trillion of volume that flowed through U.S. issuers in the same period, based on estimates from The Nilson Report, a payments-industry publication.</p><p><blockquote>Marqeta 去年处理了约 600 亿美元的交易量，根据支付行业出版物 Nilson Report 的估计，该公司指出，这还不到同期美国发行商 6.7 万亿美元交易量的 1%。</blockquote></p><p> \"We believe that our share of this massive opportunity will continue to increase due to our unique platform, competitive advantages, and a strong culture of innovation,\" the company said in its prospectus.</p><p><blockquote>该公司在招股说明书中表示：“我们相信，由于我们独特的平台、竞争优势和强大的创新文化，我们在这一巨大机遇中的份额将继续增加。”</blockquote></p><p> Rawat wrote that Marqeta's \"growth runway is immense.\" Further opportunities include greater international expansion and progress with recently launched credit-processing initiatives, in her view.</p><p><blockquote>拉瓦特写道，Marqeta 的“增长跑道是巨大的”。她认为，进一步的机会包括更大的国际扩张和最近启动的信贷处理计划的进展。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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}\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\">\nMarqeta IPO: 5 things to know about the fintech company serving Square, DoorDash and others<blockquote>Marqeta IPO：关于这家为 Square、DoorDash 等公司提供服务的金融科技公司，您需要了解的 5 件事</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-06-06 09:21</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Marqeta could be valued at more than $12 billion after IPO that seeks to raise more than $1 billion</p><p><blockquote>Marqeta 在寻求筹集超过 10 亿美元的 IPO 后估值可能超过 120 亿美元</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/412c348141d4444464c736dce5633419\" tg-width=\"1260\" tg-height=\"937\"><span>Square Inc. accounted for 70% of Marqeta Inc.'s revenue last year; Marqeta's card-issuing technology helps Square offer debit cards to its Cash App customers.</span></p><p><blockquote><p class=\"t-img-caption\"><span>Square Inc. 去年占 Marqeta Inc. 收入的 70%；Marqeta 的发卡技术帮助 Square 向其 Cash App 客户提供借记卡。</span></p></blockquote></p><p> Investors could soon have a new way to play the payments infrastructure behind some of Silicon Valley's hottest companies.</p><p><blockquote>投资者可能很快就会有一种新的方式来利用硅谷一些最热门公司背后的支付基础设施。</blockquote></p><p> Companies from Instacart to DoorDash Inc. <a href=\"https://laohu8.com/S/DASH\">$(DASH)$</a> to Affirm Holdings Inc. <a href=\"https://laohu8.com/S/AFRM\">$(AFRM)$</a> rely on card payments to facilitate customer purchases, allowing delivery workers to pay for just the items in orders, for instance. Marqeta Inc. offers card-issuing technology that lets businesses build out these functions, and the financial technology company is now in the process of going public.</p><p><blockquote>从Instacart到DoorDash Inc.的公司。<a href=\"https://laohu8.com/S/DASH\">$(破折号)$</a>肯定控股公司。<a href=\"https://laohu8.com/S/AFRM\">$(AFRM)$</a>例如，依靠卡支付来方便客户购买，允许送货员只支付订单中的商品。Marqeta Inc. 提供发卡技术，让企业能够构建这些功能，这家金融科技公司目前正在上市。</blockquote></p><p> Oakland, Calif.-based Marqeta, which was incorporated in 2010, says that's it putting a modern spin on the practice of issuing customized cards. The company offers application programming interfaces, or APIs, that let companies leverage Marqeta's relationships with banks and card networks while building out virtual and physical card programs.</p><p><blockquote>总部位于加利福尼亚州奥克兰的 Marqeta 成立于 2010 年，该公司表示，这是它为发行定制卡的做法注入了现代元素。该公司提供应用程序编程接口（API），使公司能够在构建虚拟和物理卡程序时利用 Marqeta 与银行和卡网络的关系。</blockquote></p><p> Square Inc. <a href=\"https://laohu8.com/S/SQ\">$(SQ)$</a> is Marqeta's largest customer, relying on Marqeta technology to power Cash Card debit cards that let users spend the funds from their mobile wallets. Marqeta also enables a function that lets Square's Cash App users receive direct deposits from employers or the government, according to the prospectus Marqeta filed with the Securities and Exchange Commission ahead of its initial public offering.</p><p><blockquote>广场公司。<a href=\"https://laohu8.com/S/SQ\">$(平方)$</a>是 Marqeta 最大的客户，依靠 Marqeta 技术为现金卡借记卡提供动力，让用户可以使用移动钱包中的资金。根据 Marqeta 在首次公开募股前向美国证券交易委员会提交的招股说明书，Marqeta 还启用了一项功能，允许 Square 的现金应用程序用户直接从雇主或政府接收存款。</blockquote></p><p> Marqeta is looking to offer about 45 million Class A shares priced at $20 to $24 apiece through its IPO, while founder and Chief Executive Jason Gardner, as well as early investors, receive class B shares with 10 times the voting power. The company would raise almost $1.1 billion at the high end of that proposed range while fetching a valuation over $12 billion. Underwriters, led by Goldman Sachs and JP Morgan, have access to an additional 6.8 million shares. Marqeta expects to list on the Nasdaq exchange under the ticker symbol MQ.</p><p><blockquote>Marqeta 希望通过 IPO 发行约 4500 万股 A 类股票，每股定价为 20 至 24 美元，而创始人兼首席执行官杰森·加德纳 (Jason Gardner) 以及早期投资者将获得 10 倍投票权的 B 类股票。该公司将在拟议范围的上限筹集近 11 亿美元，同时获得超过 120 亿美元的估值。以高盛和摩根大通为首的承销商可以额外获得 680 万股股票。Marqeta 预计将在纳斯达克交易所上市，股票代码为 MQ。</blockquote></p><p> Here are five things to know about Marqeta ahead of offering its shares, which are expected to begin trading on June 9.</p><p><blockquote>在 Marqeta 发行股票之前，您需要了解以下五件事，该公司预计将于 6 月 9 日开始交易。</blockquote></p><p> <b>Doubling revenue, but still in the red</b></p><p><blockquote><b>收入翻倍，但仍处于亏损状态</b></blockquote></p><p> Marqeta generated net revenue of $290.3 million last year, more than double the $143.3 million that the company recorded a year earlier. For the first quarter of 2021, Marqeta saw revenue rise to $108.0 million from $48.4 million.</p><p><blockquote>Marqeta 去年的净收入为 2.903 亿美元，是该公司去年同期 1.433 亿美元的两倍多。2021 年第一季度，Marqeta 的收入从 4840 万美元增至 1.08 亿美元。</blockquote></p><p> The company is still losing money, though losses narrowed in the last fiscal year. Marqeta posted a net loss of $47.7 million in 2020, compared with a loss of $58.2 million in 2019. Marqeta lost $12.8 million in the first quarter of 2021, compared with $14.5 million in the comparable period a year prior.</p><p><blockquote>尽管上一财年亏损有所收窄，但该公司仍在亏损。Marqeta 2020年净亏损4770万美元，而2019年亏损5820万美元。Marqeta 在 2021 年第一季度亏损 1280 万美元，而去年同期亏损 1450 万美元。</blockquote></p><p> Marqeta's total processing volume, or the dollar value of payments processed through its platform, increased 167% in the first quarter to reach $24 billion.</p><p><blockquote>Marqeta 的总处理量（即通过其平台处理的支付的美元价值）在第一季度增长了 167%，达到 240 亿美元。</blockquote></p><p> <b>Squarely its biggest customer</b></p><p><blockquote><b>完全是它最大的客户</b></blockquote></p><p> Marqeta is highly reliant on Square, which accounted for 70% of the company's net revenue last year and 73% of its net revenue in the first quarter of 2021.</p><p><blockquote>Marqeta高度依赖Square，Square占公司去年净收入的70%，2021年第一季度净收入的73%。</blockquote></p><p> \"Although we expect the net revenue from our largest customer will decrease over time as a percentage of our total net revenue as we generate more net revenue from other customers, we expect that net revenue from a relatively small group of customers will continue to account for a significant portion of our net revenue in the near term,\" the company notes among the risk factors listed in its prospectus.</p><p><blockquote>“尽管我们预计来自最大客户的净收入占我们总净收入的百分比将随着时间的推移而下降，因为我们从其他客户那里产生了更多的净收入，但我们预计来自相对较小的客户群的净收入将继续占我们短期内净收入的很大一部分，”该公司在招股说明书中列出的风险因素中指出。</blockquote></p><p> \"It's unprecedented to see a company going public with that much of business coming from <a href=\"https://laohu8.com/S/AONE\">one</a> customer,\" Jordan McKee, a principal analyst at 451 Research, told MarketWatch.</p><p><blockquote>“看到一家公司上市时拥有如此多的业务，这是前所未有的<a href=\"https://laohu8.com/S/AONE\">一</a>客户，”451 Research 首席分析师 Jordan McKee 告诉 MarketWatch。</blockquote></p><p> Marqeta's Cash App contract term ends in March 2024, and its contract for the Square Card -- a separate product meant for businesses -- expires in December 2024. Both agreements can automatically renew for successive <a href=\"https://laohu8.com/S/AONE.U\">one</a>-year periods after that.</p><p><blockquote>Marqeta 的 Cash App 合同期将于 2024 年 3 月结束，其 Square Card（一种面向企业的独立产品）的合同将于 2024 年 12 月到期。两份协议均可自动续期<a href=\"https://laohu8.com/S/AONE.U\">一</a>-之后的几年。</blockquote></p><p> Bernstein analyst Harshita Rawat sees little risk that Square moves its business to another card-issuing platform, since the other companies offering this technology are those Square competes with in other areas of its business. The bigger long-term risk is that Square develops card-issuing capabilities in-house, in her view.</p><p><blockquote>Bernstein 分析师 Harshita Rawat 认为 Square 将业务转移到另一个发卡平台的风险很小，因为提供这项技术的其他公司是 Square 在其他业务领域竞争的公司。她认为，更大的长期风险是 Square 在内部开发发卡能力。</blockquote></p><p> \"While it is very hard to definitively say whether Square is considering building an in-house solution or not ---- we believe precedence exists with Stripe and Adyen, and as such this customer-concentration risk should be baked into Marqeta's valuation,\" Rawat wrote.</p><p><blockquote>“虽然很难明确地说 Square 是否正在考虑构建内部解决方案，但我们认为 Stripe 和 Adyen 具有优先权，因此这种客户集中风险应该纳入 Marqeta 的估值中，”拉瓦特写道。</blockquote></p><p> <b>Meet the competition</b></p><p><blockquote><b>迎接竞争</b></blockquote></p><p></p><p> Marqeta concedes that it's in a competitive market, as the company goes up against more traditional players like Global Payments Inc. <a href=\"https://laohu8.com/S/GPN\">$(GPN)$</a> and Fiserv Inc. <a href=\"https://laohu8.com/S/FISV\">$(FISV)$</a> as well as \"emerging providers\" like Stripe and Adyen NV .</p><p><blockquote>Marqeta 承认，这是一个竞争激烈的市场，因为该公司将与 Global Payments Inc. 等更传统的参与者展开竞争。<a href=\"https://laohu8.com/S/GPN\">$(GPN)$</a>和 Fiserv 公司。<a href=\"https://laohu8.com/S/FISV\">$(FISV)$</a>以及 Stripe 和 Adyen NV 等“新兴提供商”。</blockquote></p><p> Rawat wrote that the more old-school financial-services players \"don't have adequate capabilities and speed-to-market to compete effectively in new-age issuer market,\" though she's \"closely watching Stripe as one of the most formidable competitors for Marqeta over time.\" Stripe has existing relationships with merchants as well as a more \"off-the-shelf\" product.</p><p><blockquote>拉瓦特写道，更老派的金融服务参与者“没有足够的能力和上市速度来在新时代的发行人市场中有效竞争”，尽管她“正在密切关注 Stripe，将其视为 Marqeta 最强大的竞争对手之一随着时间的推移。”Stripe与商家有现有的关系，也有更“现成”的产品。</blockquote></p><p> While Rawat highlighted Stripe's more generalized offering as a possible benefit for that company relative to Marqeta, which has a more customizable product, Jefferies analyst Trevor Williams saw things differently after a number of industry conversations, including with a former Marqeta product vice president. Williams pointed to the customization options as an advantage for Marqeta and said that there are high switching costs of moving to a new platform.</p><p><blockquote>虽然 Rawat 强调 Stripe 更通用的产品对该公司来说可能是一个好处，而 Marqeta 拥有更可定制的产品，但 Jefferies 分析师 Trevor Williams 在多次行业对话（包括与前 Marqeta 产品副总裁）后，有了不同的看法。Williams 指出定制选项是 Marqeta 的优势，并表示迁移到新平台的转换成本很高。</blockquote></p><p> \"Our expert believes switches are unlikely unless a business need is not being met by Marqeta,\" he wrote, citing the \"engineering resources needed to manage a conversion, especially if card products are noncore for the customer (e.g. DoorDash isn't dependent on interchange).\"</p><p><blockquote>“我们的专家认为，除非 Marqeta 满足业务需求，否则不太可能进行转换，”他写道，并引用了“管理转换所需的工程资源，特别是如果卡产品不是客户的核心产品（例如 DoorDash 不依赖于交换）。”</blockquote></p><p> MKM Partners analyst Rohit Kulkarni wrote that the upstart fintech competitors have \"similar but arguably less sophisticated offerings.\"</p><p><blockquote>MKM Partners 分析师 Rohit Kulkarni 写道，新贵金融科技竞争对手拥有“类似但可以说不太复杂的产品”。</blockquote></p><p> <b>About interchange</b></p><p><blockquote><b>关于交换</b></blockquote></p><p> Marqeta generates most of its revenue from interchange fees, which are fees that merchant banks pay card-issuing banks when a customer makes a transaction with a credit or debit card. \"Our agreements with issuing banks provide that we receive 100% of the interchange fees for processing our customer's card transactions,\" Marqeta notes it its prospectus.</p><p><blockquote>Marqeta 的大部分收入来自交换费，交换费是当客户使用信用卡或借记卡进行交易时，商业银行向发卡银行支付的费用。Marqeta 在其招股说明书中指出：“我们与发卡银行的协议规定，我们将收取 100% 的交换费来处理客户的卡交易。”</blockquote></p><p> Card networks set interchange fees, but the Durbin Amendment in 2010 capped debit interchange. Some smaller banks are exempt from the Durbin limits, however, and Marqeta \"currently only contract[s] with issuing banks that are exempt from the Durbin Amendment when we provide program management services,\" according to the company's prospectus.</p><p><blockquote>卡网络设定交换费，但2010年的德宾修正案限制了借记交换。然而，一些较小的银行不受德宾限制的约束，根据该公司的招股说明书，Marqeta“目前仅在我们提供项目管理服务时与不受德宾修正案约束的发行银行签订合同”。</blockquote></p><p> \"In a nutshell, Durbin-exempt interchange [percentage] across consumer and commercial card transactions (both of which Marqeta is exposed to through its different offerings) is likely 1.4% average for consumer (there is a wide range depending on the type of transaction) and &gt;2% for commercial spend,\" Bernstein's Rawat wrote. \"This is in contrast to 0.5% average interchange for Durbin-regulated transactions.\"</p><p><blockquote>“简而言之，消费者和商业卡交易（Marqeta 通过其不同的产品进行这两种交易）的德宾豁免交换 [百分比] 对于消费者来说可能平均为 1.4%（范围很广，具体取决于交易类型）和 &gt;2% 用于商业支出，”伯恩斯坦的拉瓦特写道。“这与德宾监管交易的平均交换率为 0.5% 形成鲜明对比。”</blockquote></p><p> Rawat believes that Marqeta's work with Durbin-exempt issuers helps the company generate higher revenue \"yields\" than more traditional partners that work with larger, nonexempt issuing banks, meaning that the company can keep a greater portion of volume as revenue. While she said that investors should monitor the risk of potential changes to exemption rules, she also wrote that \"there doesn't appear to be a willingness by the regulators or government to repeal Durbin exemption or make it harder for fintechs or tech giants to benefit from this.\"</p><p><blockquote>Rawat 认为，Marqeta 与 Durbin 豁免发行人的合作有助于该公司产生比与大型非豁免发行银行合作的更传统合作伙伴更高的收入“收益率”，这意味着该公司可以保留更大份额的收入。虽然她表示投资者应该监控豁免规则潜在变化的风险，但她也写道，“监管机构或政府似乎不愿意废除德宾豁免，也不愿意让金融科技公司或科技巨头更难从中受益。”</blockquote></p><p> <b>A big market</b></p><p><blockquote><b>大市场</b></blockquote></p><p> Marqeta processed about $60 billion of volume last year, which it notes is less than 1% of the $6.7 trillion of volume that flowed through U.S. issuers in the same period, based on estimates from The Nilson Report, a payments-industry publication.</p><p><blockquote>Marqeta 去年处理了约 600 亿美元的交易量，根据支付行业出版物 Nilson Report 的估计，该公司指出，这还不到同期美国发行商 6.7 万亿美元交易量的 1%。</blockquote></p><p> \"We believe that our share of this massive opportunity will continue to increase due to our unique platform, competitive advantages, and a strong culture of innovation,\" the company said in its prospectus.</p><p><blockquote>该公司在招股说明书中表示：“我们相信，由于我们独特的平台、竞争优势和强大的创新文化，我们在这一巨大机遇中的份额将继续增加。”</blockquote></p><p> Rawat wrote that Marqeta's \"growth runway is immense.\" Further opportunities include greater international expansion and progress with recently launched credit-processing initiatives, in her view.</p><p><blockquote>拉瓦特写道，Marqeta 的“增长跑道是巨大的”。她认为，进一步的机会包括更大的国际扩张和最近启动的信贷处理计划的进展。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/marqeta-ipo-5-things-to-know-about-the-fintech-company-serving-square-doordash-and-others-11622828431?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DASH":"DoorDash, Inc.","MQ":"Marqeta, Inc."},"source_url":"https://www.marketwatch.com/story/marqeta-ipo-5-things-to-know-about-the-fintech-company-serving-square-doordash-and-others-11622828431?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2141402879","content_text":"Marqeta could be valued at more than $12 billion after IPO that seeks to raise more than $1 billion\nSquare Inc. accounted for 70% of Marqeta Inc.'s revenue last year; Marqeta's card-issuing technology helps Square offer debit cards to its Cash App customers.\nInvestors could soon have a new way to play the payments infrastructure behind some of Silicon Valley's hottest companies.\nCompanies from Instacart to DoorDash Inc. $(DASH)$ to Affirm Holdings Inc. $(AFRM)$ rely on card payments to facilitate customer purchases, allowing delivery workers to pay for just the items in orders, for instance. Marqeta Inc. offers card-issuing technology that lets businesses build out these functions, and the financial technology company is now in the process of going public.\nOakland, Calif.-based Marqeta, which was incorporated in 2010, says that's it putting a modern spin on the practice of issuing customized cards. The company offers application programming interfaces, or APIs, that let companies leverage Marqeta's relationships with banks and card networks while building out virtual and physical card programs.\nSquare Inc. $(SQ)$ is Marqeta's largest customer, relying on Marqeta technology to power Cash Card debit cards that let users spend the funds from their mobile wallets. Marqeta also enables a function that lets Square's Cash App users receive direct deposits from employers or the government, according to the prospectus Marqeta filed with the Securities and Exchange Commission ahead of its initial public offering.\nMarqeta is looking to offer about 45 million Class A shares priced at $20 to $24 apiece through its IPO, while founder and Chief Executive Jason Gardner, as well as early investors, receive class B shares with 10 times the voting power. The company would raise almost $1.1 billion at the high end of that proposed range while fetching a valuation over $12 billion. Underwriters, led by Goldman Sachs and JP Morgan, have access to an additional 6.8 million shares. Marqeta expects to list on the Nasdaq exchange under the ticker symbol MQ.\nHere are five things to know about Marqeta ahead of offering its shares, which are expected to begin trading on June 9.\nDoubling revenue, but still in the red\nMarqeta generated net revenue of $290.3 million last year, more than double the $143.3 million that the company recorded a year earlier. For the first quarter of 2021, Marqeta saw revenue rise to $108.0 million from $48.4 million.\nThe company is still losing money, though losses narrowed in the last fiscal year. Marqeta posted a net loss of $47.7 million in 2020, compared with a loss of $58.2 million in 2019. Marqeta lost $12.8 million in the first quarter of 2021, compared with $14.5 million in the comparable period a year prior.\nMarqeta's total processing volume, or the dollar value of payments processed through its platform, increased 167% in the first quarter to reach $24 billion.\nSquarely its biggest customer\nMarqeta is highly reliant on Square, which accounted for 70% of the company's net revenue last year and 73% of its net revenue in the first quarter of 2021.\n\"Although we expect the net revenue from our largest customer will decrease over time as a percentage of our total net revenue as we generate more net revenue from other customers, we expect that net revenue from a relatively small group of customers will continue to account for a significant portion of our net revenue in the near term,\" the company notes among the risk factors listed in its prospectus.\n\"It's unprecedented to see a company going public with that much of business coming from one customer,\" Jordan McKee, a principal analyst at 451 Research, told MarketWatch.\nMarqeta's Cash App contract term ends in March 2024, and its contract for the Square Card -- a separate product meant for businesses -- expires in December 2024. Both agreements can automatically renew for successive one-year periods after that.\nBernstein analyst Harshita Rawat sees little risk that Square moves its business to another card-issuing platform, since the other companies offering this technology are those Square competes with in other areas of its business. The bigger long-term risk is that Square develops card-issuing capabilities in-house, in her view.\n\"While it is very hard to definitively say whether Square is considering building an in-house solution or not ---- we believe precedence exists with Stripe and Adyen, and as such this customer-concentration risk should be baked into Marqeta's valuation,\" Rawat wrote.\nMeet the competition\nMarqeta concedes that it's in a competitive market, as the company goes up against more traditional players like Global Payments Inc. $(GPN)$ and Fiserv Inc. $(FISV)$ as well as \"emerging providers\" like Stripe and Adyen NV .\nRawat wrote that the more old-school financial-services players \"don't have adequate capabilities and speed-to-market to compete effectively in new-age issuer market,\" though she's \"closely watching Stripe as one of the most formidable competitors for Marqeta over time.\" Stripe has existing relationships with merchants as well as a more \"off-the-shelf\" product.\nWhile Rawat highlighted Stripe's more generalized offering as a possible benefit for that company relative to Marqeta, which has a more customizable product, Jefferies analyst Trevor Williams saw things differently after a number of industry conversations, including with a former Marqeta product vice president. Williams pointed to the customization options as an advantage for Marqeta and said that there are high switching costs of moving to a new platform.\n\"Our expert believes switches are unlikely unless a business need is not being met by Marqeta,\" he wrote, citing the \"engineering resources needed to manage a conversion, especially if card products are noncore for the customer (e.g. DoorDash isn't dependent on interchange).\"\nMKM Partners analyst Rohit Kulkarni wrote that the upstart fintech competitors have \"similar but arguably less sophisticated offerings.\"\nAbout interchange\nMarqeta generates most of its revenue from interchange fees, which are fees that merchant banks pay card-issuing banks when a customer makes a transaction with a credit or debit card. \"Our agreements with issuing banks provide that we receive 100% of the interchange fees for processing our customer's card transactions,\" Marqeta notes it its prospectus.\nCard networks set interchange fees, but the Durbin Amendment in 2010 capped debit interchange. Some smaller banks are exempt from the Durbin limits, however, and Marqeta \"currently only contract[s] with issuing banks that are exempt from the Durbin Amendment when we provide program management services,\" according to the company's prospectus.\n\"In a nutshell, Durbin-exempt interchange [percentage] across consumer and commercial card transactions (both of which Marqeta is exposed to through its different offerings) is likely 1.4% average for consumer (there is a wide range depending on the type of transaction) and >2% for commercial spend,\" Bernstein's Rawat wrote. \"This is in contrast to 0.5% average interchange for Durbin-regulated transactions.\"\nRawat believes that Marqeta's work with Durbin-exempt issuers helps the company generate higher revenue \"yields\" than more traditional partners that work with larger, nonexempt issuing banks, meaning that the company can keep a greater portion of volume as revenue. While she said that investors should monitor the risk of potential changes to exemption rules, she also wrote that \"there doesn't appear to be a willingness by the regulators or government to repeal Durbin exemption or make it harder for fintechs or tech giants to benefit from this.\"\nA big market\nMarqeta processed about $60 billion of volume last year, which it notes is less than 1% of the $6.7 trillion of volume that flowed through U.S. issuers in the same period, based on estimates from The Nilson Report, a payments-industry publication.\n\"We believe that our share of this massive opportunity will continue to increase due to our unique platform, competitive advantages, and a strong culture of innovation,\" the company said in its prospectus.\nRawat wrote that Marqeta's \"growth runway is immense.\" Further opportunities include greater international expansion and progress with recently launched credit-processing initiatives, in her view.","news_type":1,"symbols_score_info":{"MQ":0.9,"DASH":0.9}},"isVote":1,"tweetType":1,"viewCount":2512,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115834842,"gmtCreate":1622968993786,"gmtModify":1634096489851,"author":{"id":"3576631475134774","authorId":"3576631475134774","name":"Yoda0603","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576631475134774","authorIdStr":"3576631475134774"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/115834842","repostId":"1102972710","repostType":4,"isVote":1,"tweetType":1,"viewCount":3190,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"following","isTTM":false}