PayPal Showed It's Getting Back On Track

Grand News Network | November 6, 2023

Last week, PayPal Holdings Inc (NASDAQ: PYPL) issued its third quarter results that showed its turnaround efforts are on track. PayPal also announced it finally filled its CFO vacancy with Jamie Miller, a former CFO at EY. With the payment industry getting crowded with Apple Inc (NASDAQ: AAPL) and Block Inc (NYSE: SQ), among others, PayPal stopped being the industry’s darling. Although it still hasn’t restored its glory, it showed solid fundamentals and its new CEO, Alex Chriss, told investors what they wanted to hear as shares were up 4.5% to $53.95 in after-hours trading.

PayPal Topped Estimates With Third Quarter Results

PayPal reported that adjusted earnings rose 20% YoY to $1.30 per share, comfortably exceeding FactSet’s estimate of $1.23 per share as revenue expanded 8% YoY to $7.4 billion, which was in line with expectations.

On a currency-adjusted basis, total payment volume expanded 13% to $387.8 billion but total active accounts contracted by four million to 428 million.

PayPal also raised its full year guidance.

PayPal rose its prior outlook as it guided for 2023 GAAP earnings of $3.75 per share, topping the consensus estimateof $3.57, while on a non-GAAP basis, earnings are expected to rise 21% to ...

Full story available on Benzinga.com


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