Economic news

PayPal beats Q4 profit estimates

2024.02.07 16:47


© Reuters. PayPal app is seen on a smartphone on this illustration taken, July 13, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) – PayPal (NASDAQ:) beat Wall Street estimates for fourth-quarter profit on Wednesday as extra Americans used its funds platform for purchasing through the vacation season.

This was additionally the corporate’s first full quarterly outcomes below the stewardship of CEO Alex Chriss, who is predicted to announce plans on strategic initiatives later within the day.

“We’re driving significant transformation across our company and are committed to making the necessary changes to our business to drive profitable growth in the years ahead,” Chriss stated in a press release.

PayPal posted a fourth-quarter adjusted profit of $1.48 a share for the three months ended Dec 31. Analysts on common had anticipated $1.36 per share, in accordance with LSEG knowledge.

Revenue rose 9% to $8 billion within the quarter, on a currency-neutral foundation, additionally beating expectations of $7.87 billion.

PayPal’s inventory struggled final yr as the corporate’s progress lagged friends amid elevated strain on its mainstay enterprise from the entry of Apple (NASDAQ:) and Alphabet (NASDAQ:)’s Google.

The firm’s shares fell 13.8% in 2023 and have been among the many worst performers on the , a key benchmark for expertise shares. In distinction, rival Block surged 23.1%.

Last week, PayPal introduced plans to chop about 2,500 jobs this yr, or 9% of its world workforce. Chriss had earlier vowed to decrease prices and focus progress on higher-margin companies.

Meanwhile, analysts have centered on PayPal’s margins, which have underwhelmed buyers in current quarters. The firm’s low-margin enterprise merchandise have proven robust progress, whereas progress in its branded merchandise has slowed as a consequence of competitors.

Adjusted working margin got here in at 23.3% within the fourth quarter, increasing 39 foundation factors, from a yr earlier.

Total funds quantity elevated 13% on an FX-neutral foundation to $409.8 billion within the fourth quarter, beating Street expectations of $404.45 billion.

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