PayPal CEO plans his exit, stock rises after earnings show 'inflection point'

PayPal Holdings Inc.’s cost-savings story continued in the holiday quarter, as the digital-payments company topped profit expectations for the period. It also disclosed that its chief executive plans to step down from that role at the end of the year.

PayPal’s revenue for the fourth quarter rose to $7.38 billion, up from $6.92 billion a year before, and in line with the FactSet consensus, which was for $7.39 billion. The company generated $357.4 billion in total payment volume, or the value of transactions processed on its platform. Analysts tracked by FactSet were anticipating $360.3 billion.

He told MarketWatch that he wants to devote more time to his outside passions, including politics, academia, nonprofit work, travel and being with loved ones.

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PayPal CEO Dan Schulman to leave at end of 2023, company begins search for successorPayPal CEO and president Dan Schulman is retiring from the company and will leave at the end of 2023.
Source: CNBC - 🏆 12. / 72 Read more »

PayPal CEO plans his exit, stock rises after earnings and forecast beatPayPal posted fourth-quarter net income of $921 million, or 81 cents a share, up from $801 million, or 68 cents a share, in the year-earlier period. After adjustments, $PYPL earned $1.24 a share, whereas analysts were expecting $1.20 a share.
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