PayPal Holdings Inc forecast full-year profit above Wall Street estimates on Thursday and said Chief Executive Dan Schulman will retire at the end of 2023, after nearly eight and a half years at the payment firm's helm.
The company's upbeat forecast also comes alongside its previously announced commitment of lowering expenses in the backdrop of its key e-commerce segment feeling the pinch of a slowdown.
PayPal earned a profit of $1.24 per share on an adjusted basis in the fourth quarter ended Dec. 31, beating analyst estimates of $1.20 per share. "I would expect the stock to be up just because there was certainty that they will have a much worse quarter, they would miss on both the top and the bottom line," D.A. Davidson analyst Chris Brendler told Reuters.7% of its workforce, or about 2,000 employees, joining a string of fintech firms which have slashed jobs to cut costs in an increasingly tumultuous operating environment.
PayPal was one of the biggest winners during the COVID pandemic when people locked at home used its platform while shopping online. However, the company's growth showed signs of slowing through the past year.Reporting by Manya Saini and Jaiveer Shekhawat in Bengaluru; Editing by Shailesh Kuber
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