Technology

PayPal Expects Profit Decline After Profitable Year

PayPal warns: A decline in profit is expected during the current year.

Eulerpool News May 1, 2024, 12:01 PM

The payment service PayPal has announced that it expects a decline in earnings per share for the fiscal year 2024. After a successful previous year, in which the company benefited from the sale of the return specialist Happy Returns to UPS, among other things, profits are expected to fall from $3.84 to $3.65 per share.

PayPal Sees 2024 as a Transition Year, with Focus on Strategic Initiatives and Cost Savings, According to CEO Alex Chriss. Despite Anticipated Decline in Profits, the Company Performed Strongly in the First Quarter: Processed Transaction Volume Increased by 14% to Nearly $404 Billion, While Corporate Revenue Grew by 9% to $7.7 Billion. The Net Income Improved by 12% to $888 Million, Corresponding to an 18% Increase in Earnings Per Share to $0.83.

PayPal's stock traded on NASDAQ on Tuesday, at times up by 1.96 percent at 68.30 US dollars. This reflects investors' confidence in the long-term potential of the company, despite the challenges posed by the strategic realignment and the required integration of numerous acquisitions.

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