Jan. 4, 2019

Amrita Ahuja, current CFO at video game publisher Blizzard Entertainment, is moving to serve as CFO at Square Inc. starting this later this month and reporting directly to CEO Jack Dorsey.

Ahuja replaces Square's previous CFO Sarah Friar, who announced her resignation in October to become chief executive officer of Nextdoor, the social media network focused on neighborhoods. Friar agreed to remain with Square until December to ensure an orderly transition, according to a press release.

Square executives praised Ahuja as having the right combination of skills to take on the demands of the CFO position.

"In Amrita, we have found an amazing, multidimensional business leader," said Dorsey. "Amrita brings the ability to consider and balance opportunities across our entire business, and she will help strengthen our discipline as we invest, build and scale."

Amrita said the opportunity had personal resonance for her, noting her parents were the type of entrepreneurs that Square was designed for.

"I believe Square is building the most innovative commerce ecosystem for sellers and consumers, and I am excited to help the company execute against this massive opportunity," she said.

Blizzard Entertainment, which publishes major game titles, including, World of Warcraft and Call of Duty, has annual revenue of $2 billion and is a division of Activision Blizzard. Ahuja worked at the company in a variety of roles over the years, including senior vice president of investor relations, vice president of finance and operations and vice president of strategy and business development.

Topics: Financial News, Mobile Apps, Mobile/Digital Wallet, POS

Companies: Square

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Jan. 3, 2019

Apple CEO Tim Cook, in a letter to shareholders, warned that fiscal first-quarter revenue would fall short of previous estimates, and an economic slowdown in China and ongoing trade tensions with the U.S. have impacted demand for the iPhone and other products.

Cook said the company previously knew that the quarter would be impacted by macroeconomic and Apple-specific factors, in part due a strong U.S. dollar, supply constraint issues and due to the timing of top iPhone X and iPhone Xs model shipments in the fourth quarter.

However, he said economic weakness in China and other emerging markets and rising trade tensions helped lead to a sharp reduction in smartphone demand in that country and traffic to its retail stores and channel partners declined.

The company now expects to report revenue of about $84 billion, down from the prior guidance of $89 billion to $93 billion.

Apple shares were down more than 8 percent to $144.80 in late morning trading.

Topics: Financial News, Mobile/Digital Wallet, Region: APAC

Companies: Apple

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Jan. 3, 2019

Jack Henry & Associates Inc. said its ProfitStars unit entered an agreement with CashFlow, the alternate lending unit of Chesapeake Bank, to offer faster access to business financing.

Chesapeake Bank, which has $823 million in assets, has worked with ProfitStars'accounts receivable financing and asset-based lending business for more than a decade, according to a press release. Now ProfitStars' Commercial Lending Center Suite will allow customers to apply for loans online and customers will be able to process checks and payments more efficiently.

Russ Bernthal, a vice president at Jack Henry & Associates and president of ProfitStars, said Chesapeake Bank has been using its factoring solution for more than a decade and noted that the partnership helps commercial clients grow their businesses.

"Chesapeake Bank has selected our full digital lending platform and remittance solution to attract and sustain lasting business relationships," he said in the release.

Topics: Mobile Banking, Mobile Payments

Companies: ProfitStars, a division of Jack Henry & Associates

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