PayPal Stock Spikes After Earnings Beat!
PayPal Holdings shares rose as much as 5% before retreating!
Only a day after the payment giant reported better-than-expected earnings and Chief Executive Dan Schulman announced his retirement.
The stock was recently up less than 1% as broader markets were mixed.
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@PayPal Stock Spikes After Earnings Beat
PayPal Holdings shares rose as much as 5% before retreating, a day after the payment giant reported better-than-expected earnings #PayPal pic.twitter.com/dnHqjNCWeo— The_Journalbiz (@the_journalbiz) February 10, 2023
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PayPal gave an upbeat profit forecast for the year in its fourth-quarter earnings. On a call with analysts, Mr. Schulman said he would depart the company in December so the company would have ample time to find a successor.
“I wanted to be sure that PayPal had positive momentum and was in a position to deliver a solid year of performance, so I can be sure I wasn’t leaving the company in a difficult position,” he said.
PayPal previously said it would pursue a cost-cutting campaign in response to the fintech rout. In late January, the company said it would lay off 2,000 of its employees, or 7% of its workforce.
“In this current environment with so many of our competitors struggling to make money, we see a path to emerge from this economic downturn in a position of increased strength,” Mr. Schulman said.
PayPal has now rolled out its newest checkout experience to about a third of its top 100 retailers, with 50% targeted in 2023. The company hopes to grab more share in mobile checkout.
