PayPal says volume growth slowed; CEO Schulman to retire
BNN Bloomberg
PayPal Holdings Inc.’s volume growth on its platforms slowed even faster than expected in the final three months of last year.
Total payments volume climbed 9 per cent to US$357.4 billion, missing the US$365.4 billion average estimate of 23 analysts compiled by Bloomberg. Still, the company has set its sights on trimming costs and said adjusted profit for the year would climb 18 per cent to US$4.87 a share, exceeding the US$4.75 analysts currently expect.
“2022 was a transformative year for PayPal,” Schulman said in a statement announcing fourth-quarter results. “We invested in our platform to better serve our customers, while focusing and streamlining our business. We will continue this work throughout 2023.”
PayPal has spent much of the last year contending with a slowdown in growth in spending on its platforms, as supply-chain shocks crimped e-commerce and consumers dealt with historic levels of inflation. Schulman has vowed to improve operating leverage, or the ability to grow revenue faster than expenses.
