Latest news with #Hau
Yahoo
28-05-2025
- Business
- Yahoo
Fiserv reaffirms Clover revenue goal
This story was originally published on Payments Dive. To receive daily news and insights, subscribe to our free daily Payments Dive newsletter. Fiserv still expects its Clover point-of-sale unit to take in $3.5 billion in revenue this year, despite disclosures during the first-quarter earnings call that suggested the fast-growing business was plateauing, Chief Financial Officer Bob Hau said at an investor conference last week. 'That's our expectation to deliver that $3.5 billion dollars, and we feel good about our ability to do that,' Hau said. 'I certainly recognize that the reported (Clover gross payment volumes) for the first quarter, and our outlook for the second quarter at 8% was a surprise, or a disappointment,' Hau acknowledged at the Barclays Emerging Payments and Fintech Forum on May 20. The volume growth flat-lining over the two quarters was due at least partly to the company focusing on 'quality' volume from small businesses that are large enough to buy additional services offered by Fiserv, with the company less interested in 'micro-merchant,' he said. 'We could get lots more volume, but that would not be the quality volume,' Hau said. Following Fiserv's first-quarter earnings report on April 24, analysts and investors wondered what the slowdown in Clover's volume might mean. For instance, analysts at Keefe, Bruyette and Woods suggested it might be a sign that Fiserv, which had developed a payments reputation similar to the 'gold standard' names Visa and Mastercard, was slipping. The Milwaukee-based company reported specifically that Clover's revenue climbed 27% over the year-earlier quarter despite the slowdown in payments volume growth. Restaurants and other merchants use the POS to take consumer payments. Hau noted in his comments last week that the first-quarter growth this year was in addition to 30% revenue growth for the first quarter of 2024, over 2023. 'Clover's rapid growth fueled optimistic valuation cases but in the most recent quarter, a sharp slowdown in Clover's payment volume growth — not revenue — sent the stock tumbling (~18%),' the Keefe, Bruyette and Woods analysts wrote in a May 17 note to their clients. 'While revenue growth remains solid (+27% in 1Q), many fear this volume inflection is the first derivative, raising concerns that the second derivative—revenue growth—could eventually follow suit.' Hau's comments came after the price of Fiserv's stock plunged following the first-quarter earnings report and the outlook provided afterward in a webcast with analysts. He delivered a preamble at the Barclays conference meant to address those investor concerns. 'Clearly, it's been a difficult stretch for all of us investors,' Hau said in those initial remarks. The challenge for the Clover service, which has been expanding at a rapid rate across geographies, comes as the company has had a change in leadership. Earlier this month, Mike Lyons became Fiserv's CEO after Frank Bisignano was confirmed as the Trump administration's new commissioner overseeing the Social Security Administration. Clover's volume slowdown could have something to do with reports earlier this month that consumer sentiment was slumping, despite a rebound reported this week. Fiserv's chief operating officer, Takis Georgakopoulos, told the Barclays audience that the economy wasn't affecting the company's outlook. 'When you look at the actual spending data, you see a modest slowdown, not a decline,' Georgakopoulos said, noting a drop in the average tab amount for some sectors, like restaurants. 'So, I would say slower growth, but still growth.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
25-05-2025
- General
- Yahoo
Kokua Line: Will city clear Summer Fun waitlists?
Question : I noticed the enrollment capacity for Honolulu Summer Fun is down this year, with the Makiki District Park only initially having 65 total spaces. Last year they had well over a 100. I know the enrollment numbers are based on the number of summer hires they can bring on, but it still seems like many families (the waitlist is over 105 ) are stuck waiting with summer just about upon us. Does the City have a notional timeline for when families can expect to hear about expanded enrollment so we can ensure our kids have summer activities ? Answer : 'We are onboarding more staff at that location and hope to accommodate that waitlist of over 100 keiki with those hires, ' preferably by the end of this week, said Nate Serota, a spokesperson for Honolulu's Department of Parks and Recreation, confirming that low staffing, not a change in physical capacity, limited initial enrollment. Other Summer Fun sites also continue to process new hires and will whittle down their waitlists as employment is confirmed, he said. 'We appreciate the patience of the waiting families while we work diligently to get these staff ready for Summer Fun, ' Serota said in an email. However, another 16 of the youth recreational program's 59 sites across Oahu need to attract more staff to be able to welcome all the children who want to attend, he said. 'We strongly encourage anyone interested in working for the program to apply immediately. We are also in need of lifeguards in addition to the Summer Fun Aides. More information, and the ability to apply online, is available at.' Sites seeking more employees, and which have corresponding waitlists, include :—Booth District Park—Halawa District Park—Kalakaua District Park—Kanewai Community Park—Kauluwela Community Park—Moanalua Community Park—Pu 'unui Community Park—Hau 'ula Summer Fun—He 'eia Summer Fun—Kahaluu Summer Fun—Kailua Summer Fun—Kapunahala Summer Fun—Sunset Beach Summer Fun—Maunawili Summer Fun—Waimanalo Summer Fun—Pacific Palisades Community Park Moreover, the city couldn't use four intended sites—Kilauea District Park, Kalihi Uka Community Park, 'Aikahi Community Park and Keolu Elementary. 'Because there was little to no staffing at these locations, we did not include them in the registration and reallocated any available staff to other nearby sites, ' Serota said. He said DPR works hard every year to recruit Summer Fun staff to serve up to 10, 000 keiki and teens, aiming for a ratio of no more than 25 keiki per adult staff member. Summer Fun jobs pay from $15 to $20.10 an hour, depending on the role, according to the program's website. 'This week (the week of May 27 ) represents the deadline for when we can get more staff into the program before ' Summer Fun kicks off June 9, Serota said. The program runs through July 25. Not every site has a waitlist ; well more than a dozen had space available for keiki participants when we checked Friday. See for details. Note : Online registration for Junior Leaders is designed to be waitlist only. 'That's because we need to interview the teens before they can enter the program, as they act as volunteer assistants for the Summer Fun staff, ' Serota said. Mahalo On May 12 at 11 p.m., I was on my way to the Hono lulu airport. The airport offramp was totally closed. Where do I go ? Where do I turn off ? I hadn't a clue ! I continued on to Pearl City in total darkness, turned around and headed back. I called my cousin, who was waiting for me at the airport. In total darkness and unfamiliarity an angel who stood alongside my cousin remained online with me giving me instructions back to the airport. My cousin was relieved to finally see me and we headed home to Kaimuki, all thanks to our angel, security guard Meredee Strong. Mahalo piha Meredee. You saved two kupuna that late night. —Maile and Cris------------Write to Kokua Line at Honolulu Star-Advertiser, 500 Ala Moana Blvd., Suite 2-200, Honolulu, HI 96813 ; call 808-529-4773 ; or email.------------
Yahoo
15-05-2025
- Business
- Yahoo
Fiserv Stock Slumps as CFO Says Clover Growth Will Likely Remain Flat
Shares of Fiserv tumbled Thursday after CFO Robert Hau said growth of the company's Clover platform isn't likely to improve from last quarter. The point-of-sale platform saw 8% year-over-year volume growth in the first quarter, compared to 14% the period prior. Fiserv stock has lost more than one-quarter of its value since the company reported first-quarter results last of Fiserv (FI) tumbled Thursday after CFO Robert Hau said the company expects volume growth of its Clover point-of-sale system this quarter to remain roughly in line with its first-quarter results. The stock dropped over 16% in recent trading, making it the leading decliner on the S&P 500. Fiserv shares have fallen more than 27% since the company reported last month that first-quarter Clover volume grew 8% year-over-year, compared to 14% in the fourth quarter of 2024. Clover growth is expected to be 'generally similar' this quarter, Hau told attendees of a JPMorgan event Thursday, according to a transcript provided by AlphaSense. The CFO noted that some prior Clover volume growth was due to Fiserv's existing clients converting to the Clover gateway platform last year, which isn't repeatable. "So we had a gateway that was non-Clover for clients that we converted over to the Clover Gateway... that doesn't repeat this year," said Hau. This gateway headwind is expected to increase this quarter, Hau added. Hau's remarks come after Fiserv named former PNC President Michael Lyons as its new chief executive last week. Outgoing CEO Frank Bisignano joined the Trump administration as commissioner of the Social Security Administration following a Senate confirmation hearing. Read the original article on Investopedia
New York Times
02-05-2025
- Entertainment
- New York Times
Art Fairs to See in the New York City Area in May
Art lovers of all kinds — from seasoned curators and collectors to newcomers — flock to New York City in May to experience the area's vibrant art scene. 'May in New York is a special moment on the cultural calendar — the city is in full bloom,' said Amy Hau, director of the Noguchi Museum in Queens. Art fairs such as TEFAF and Frieze bring together artists and galleries from around the world, but the scope and volume can be overwhelming. 'For anyone just starting to collect, I always say — don't be intimidated by the big fairs, even if they can feel like a bit of a visual overload,' Hau said. 'Just go, look around, and see what resonates with you. Even if you're not buying, these fairs are an inspiring, low-pressure way to learn, explore and connect with artists and gallerists.' Here is a selection of some of the May fairs that will introduce visitors to works and experiences, including 18th-century portraits, new voices in contemporary art and an interactive art scavenger hunt. Venues range from an elegant Beaux-Arts building on Manhattan's East Side to a former warehouse in the Powerhouse Arts District in downtown Jersey City, N.J. Some offer free admission. Clio Art Fair May 1-4 and 8-11 at 528-532 West 28th Street More than 70 self-represented contemporary and emerging artists are displaying about 250 works, including paintings, sculptures, photographs, mixed media works and installations, at Clio Art Fair, named for the Greek Muse of history and the poetry she inspired. The artists have their own exhibition spaces to encourage relaxed and direct interaction with visitors, and prices range from $250 to $25,000. 'Behave as if God Exists,' an immersive performance project, explores spiritual, social and existential themes through live actions and interventions by artists. Esther II May 6-10 at New York Estonian House, 243 East 34th Street Twenty-five galleries from 18 cities around the world will fill the elegant New York Estonian House for Esther's second year. Founders Margot Samel and Olga Temnikova, gallerists with strong connections to Tallinn, Estonia, discarded the traditional art fair booth concept in favor of shared gallery spaces. Artworks, site-specific installations, performances and events will be presented — and experienced — throughout the four-story Beaux-Arts building, once a gathering spot for Estonian refugees after World War II. 'Return to Innocence,' a series of sculptural candle holders by the Tallinn artist Edith Karlson, will guide visitors, and the basement will be transformed into a showroom that will include custom-made products by the Estonian designer Laivi. SPRING/BREAK Art Show May 6-12 at 75 Varick Street Nontraditional exhibition venues, free spaces for independent curators and reduced-cost spaces for galleries and nonprofits — strategies designed to reduce upfront risk and encourage experimental work — are a few of the hallmarks of SPRING/BREAK Art Show. More than 350 midcareer and emerging artists will be showcased at a landmark building that was once home to many firms in printing and related trades. Among them is the actor Alia Shawkat, whose paintings chart her Assyrian lineage and family migration, reflecting the immigrant story motif that recurs in this year's theme of 'PARADISE LOST + FOUND.' Future Fair May 7-10 at Chelsea Industrial, 535 West 28th Street Future Fair's fifth anniversary edition will feature nearly 70 local, national and international exhibitors. A quarter are minority-owned, a quarter are global and over half are led by women. Since its founding in 2020, the fair has embraced a cooperative business model, initially profit sharing with founding galleries. Starting this year, the fair will commit 15 percent of its profits toward a pay-it-forward fund that allocates grants to rising art dealers. Visitors can swing by a culinary pop-up by the Brooklyn restaurant Stowaway and grab some Southern-inspired fare and limited-edition anniversary beers crafted by Grimm Artisanal Ales. Art Fair 14C May 8-11 at 157B First Street, Jersey City 'Our name (14C) is a wink to the 'What exit?' joke about New Jersey,' Robinson Holloway, Art Fair 14C's chief executive, wrote in an email, 'and we embrace our Jersey roots and celebrate the art of our native state.' But exhibitors are wide ranging and include the International Sculpture Center, an artists collective from Brooklyn and a small New Jersey nonprofit that works with artists with disabilities. The Pompidou Center in Paris, which plans a North American outpost in Jersey City, she said, will provide programming, including a workshop for children based on masterpieces from their permanent collection in cooperation with the Jersey City Free Public Library. The venue is a former warehouse for the Great Atlantic and Pacific Tea Company (A&P) in the Powerhouse Arts District. Tours will be available before regular hours for visitors who are visually impaired or need low sensory environments. The Other Art Fair Brooklyn May 8-11 at ZeroSpace, 337-345 Butler Street The 15th edition of the Other Art Fair Brooklyn, presented by Saatchi Art, continues its mission to support artists and make the art world more accessible and inclusive in unexpected and fun ways. A wide variety of works, in forms including documentary photography and embroidery, by 125 New York-area artists, will be shown along with immersive installations, performances and artist-led activities. Highlights include a fantasy drawing experience by the portrait painter Ben Lenovitz, an interactive art scavenger hunt led by the multimedia artist Joe Kraft and machine-free tattoo pop-ups. Special Mother's Day weekend events feature photographic portrait sessions with the artist and author Anna Marie Tendler and hands-on workshops for making paper flowers. The American Art Fair May 10-13 at Bohemian National Hall, 321 East 73rd Street The American Art Fair, now in its 18th year, exclusively celebrates 18th- to 21st-century American works. More than 400 landscapes, portraits, still lifes and sculptures — from folk Art and the Hudson River School through the modernist movements — will be on view. The fair offers a series of lectures, such as one tied to the 'Sargent and Paris' exhibition at the Metropolitan Museum of Art that looks at the early years of the American painter John Singer Sargent's career, from his arrival in Paris in 1874 as a young art student through the mid-1880s. More Art Events There are plenty of art goings-on in New York City beyond the fairs. MoMA PS1 in Queens will present the first U.S. museum exhibition of the Angolan-born artist Sandra Poulson. Her sculptures, made from furniture and influenced by daily life and customs in her hometown, Luanda, examine how intimate spaces become spheres for political consciousness. Nature lovers may enjoy the photo-based work inspired by the gardens of the poet Emily Dickinson at Rick Wester Fine Art in Chelsea, or a respite at the Davis Center in Central Park, which opened last week and has a series of special events planned. NYC Tourism + Conventions' Spring 2025 Arts Guide provides a raft of art exhibitions, live performances, festivals and outdoor public art programs, including museums, memorials, monuments and attractions that are always free or are free on specific days and times. A special website this year lists places and events that commemorate 400 years of New York City history. 'Don't miss some of the great museum exhibitions that will be on view,' Hau of the Noguchi Museum said. 'This season's highlight is definitely the Amy Sherald show at the Whitney.' She also recommends visiting the newly renovated Frick Museum, checking out the public art along the High Line, stopping by the nearby Chelsea galleries and taking a ferry to Queens to visit the institution she leads, which is dedicated to the work of the Japanese American sculptor Isamu Noguchi. Special exhibits, art-making activities, musical performances, and dance and culinary programs are among the events planned at the museum in May, many to celebrate its 40th anniversary. 'And visitors shouldn't forget the garden,' she added. 'It's one of the most beautiful times to experience our outdoor space, offering a quiet, contemplative escape from the energy and pace of the city.'
