The Shift, 4 Payments payment system will become a Starlink partner
The provider of solutions for processing payment transactions Shift4 Payments Inc. (FOUR), will become a partner of the Starlink satellite network owned by SpaceX. In the long term, this partnership could bring in $100 billion.
Shift4 Payments provides transaction processing solutions for hundreds of retail, video games, hospitality, and other areas. The company has thousands of partners, and it is building an integrated vertical structure that will offer a comprehensive solution for customers.
The new partner of Shift4 Payments will be SpaceX’s Starlink satellite network. It is a significant global client that provides access to payment transactions around the world. Thus, the Shift4 Payments addressable market is expanding as much as possible.
In the long term, Shift4 Payments can process payments for a Starlink subscription with a total value of up to $100 billion. This week Shift4 Payments also reported the results of the third quarter. Revenue of $378 million was slightly below what Wall Street had forecast.
The loss was also more than expected — $0.17 per share. As a result, shift4 Payments management did not raise forecasts for the fourth quarter, leaving them at the same level, but raised the annual estimates for gross revenue.
Shift4 Payments shares have been volatile this year as the company serves a variety of businesses in the restaurant and hotel business that are still struggling with the problems associated with the pandemic. However, contradictory quarterly results did not prevent the growth of Shift4 Payments quotes.
Investors positively assessed the partnership with Starlink, so the company’s shares rose by more than 16% at the auction on November 10. Trading on November 11, the FOUR stock jumped at $67.15.
