Major fintech players delivered strong quarterly earnings this week, with Visa, Mastercard, and PayPal all beating expectations. Mastercard reported resilient cross-border transaction volumes and expanding commercial payment rails, leading to a 2.3% weekly gain in its shares. Analysts from BofA, Morgan Stanley, and JPMorgan raised their price targets, reflecting optimism about the company's performance.
Visa also showcased robust domestic credit and debit spending, prompting price target hikes from Wells Fargo and Mizuho. Meanwhile, PayPal reported adjusted earnings of $1.45 per share, surpassing estimates, with total payment volume growth nearing $487.1 billion.
SoFi Technologies saw a 16% surge in shares after posting record quarterly revenue and double-digit net income expansion. The digital bank's total deposits grew by $5.8 billion to $51.3 billion, with Scotiabank and StoneX analysts raising their price targets. Affirm Holdings gained about 5% as investors assessed consumer spending trends ahead of the holiday season.
Robinhood faced its sixth consecutive week of declines after missing earnings expectations, despite recording $1.42 billion in revenue. In contrast, Coinbase returned to profitability with $719 million in net income, driven by transaction fees and stablecoin reserves. The week also saw Binance hacked, with about $6 billion in crypto funds affected.