SQ - PayPal Block And Affirm Shares Are Spiraling Lower Wednesday: What's Going On? | Benzinga
Several fintech stocks including PayPal Holdings Inc (NASDAQ: PYPL), Block Inc (NYSE: SQ) and Affirm Holdings Inc (NASDAQ: AFRM) are getting rocked Wednesday. The weakness appears to be due to reports indicating a major payments company in France slashed its outlook.
What Happened: According to a Barron's report, French payments company Worldline cut its guidance in a big way as the economic slowdown continues to weigh on sales and profitability.
The company reportedly warned that consumers are cutting back on discretionary spending and only buying essential items like food and shelter. ...