Why the Tyro Payments (ASX:TYR) share price is on the move today

The Tyro Payments Ltd (ASX: TYR) share price is under pressure today after announcing an EFTPOS terminal outage to the market.

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Tyro Payments Ltd (ASX: TYR) share price jumped 3.4% higher in early trade but has since lost most of its early gains and is currently sitting 0.93% up at $3.26 per share.

A hand moves a building block from green arrow to red, indicating negative interest rates

Image source: Getty Images

What's moving the Tyro Payments share price today?

The Aussie payments company provided an update on an outage affecting a number of its EFTPOS terminals.

Tyro said it is experiencing a "connectivity issue" related to a "limited number" of terminals. The issue has been presented since 7pm on Tuesday as Tyro works with its supplier, Worldline, to find a resolution.

Tyro is looking to mitigate the impact on its merchants arising from the outage affecting ~15% of active terminals. Tyro said the issue has caused a ~5% reduction in expected transaction value since Tuesday.

The total impact will only be able to be quantified by the company once the issue is resolved.

The Tyro Payments share price has retraced its gains following this morning's surge and is trending lower this afternoon.

Shares in the Aussie payments group are down 1.8% in the last 12 months. Tyro recently accepted a 2-year court-enforceable undertaking to remedy breaches of the Spam Act 2003.

The Aussie fintech was found to have illegally sent more than 150,000 spam email and text messages in the last two years. The messages in questions failed to include an unsubscribe function as required under the Act.

The Tyro Payments share price plummeted in the March bear market to as low as 97 cents per share. The EFTPOS payment solutions provider currently has a market capitalisation of $1.7 billion at the time of writing.

Foolish takeaway

The Tyro Payments share price rocketed higher in early trade but is backtracking in early afternoon. The EFTPOS terminal outage the company announced is still being investigated, with Tyro to assess the full extent of the damage once the issue is resolved.

Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Tyro Payments. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Market News

A line up of job interview candidates sit in chairs against a wall clutching CVs on paper in an office setting.
Share Market News

What April's unemployment print means for ASX 200 investors

ASX 200 investors are celebrating April’s unemployment numbers. But why?

Read more »

Multiple ASX share investors take on one another in a tug of war in a high rise building.
Mergers & Acquisitions

This ASX property stock is rising after takeover speculation heats up

A morning trading pause has put this ASX stock in focus.

Read more »

Builder holding long rectangular wood.
Share Market News

How high could James Hardie shares go? Brokers have their say

Despite some challenges, these shares are looking cheap.

Read more »

Five arrows hit the bullseye of five round targets lined up in a row, with a blue sky in the background.
Share Market News

Why is the ASX 200 going gangbusters on Thursday?

The ASX 200 is leaping higher today. But why?

Read more »

Broker looking at the share price.
Broker Notes

Buy, hold, sell: James Hardie, TechnologyOne, and Webjet shares

Let's see what analysts at Morgans are saying about these shares.

Read more »

Two excited woman pointing out a bargain opportunity on a laptop.
Opinions

2 ASX 200 shares I'd buy today and hold for years

I think these ASX 200 shares could be great long-term options for investors.

Read more »

Hydrogen symbol with a globe.
Share Market News

Is green hydrogen still Australia's next great opportunity? Here is what ASX investors need to know

Green hydrogen had a brutal 2025.

Read more »

Smiling man with phone in wheelchair watching stocks and trends on computer
Share Market News

5 things to watch on the ASX 200 on Thursday

It looks set to be a very good day for Aussie investors. Here's what you need to know.

Read more »