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Apple Card contributes to another $667 million loss for Goldman Sachs: ‘We did not execute well’ (9to5mac.com)

submitted 1 year ago by Nicenightforawalk@kbin.social to c/apple@kbin.social

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Back in January, we learned that Apple Card has been responsible for more than a billion dollars in losses for...

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[–] Linkd@kbin.social 1 points 1 year ago

These stories don’t make any sense.

[–] Parallax@kbin.social 1 points 1 year ago

It says they have lot of credit losses:

The provision for credit losses is treated as an expense on the company's financial statements. They are expected losses from delinquent and bad debt or other credit that is likely to default or become unrecoverable.

Is it basically the Apple Card is "too good", so people are signing up, racking up debt, then not paying it off and the terms/interest are causing Goldman to lose revenue?