PayPal cuts earnings outlook, but user growth quells some fears

PayPal Holdings Inc.’s revenue and user growth came in slightly ahead of expectations Wednesday, but the payment-technology giant cut its outlook for the full year.

PayPal’s revenue climbed to $6.5 billion from $6.0 billion a year prior, while analysts tracked by FactSet had been looking for $6.4 billion. Shares bounced between gains and losses in after-hours trading Wednesday, following a rough start to the year. PayPal’s stock has fallen more than 50% in 2022 as the company undergoes a number of business transitions.

PayPal generated $323 billion in total payment volume in its latest quarter, up from $285 billion a year earlier and even with the FactSet consensus, which was for $323 billion. PayPal had 429 million active accounts as of the March quarter, compared with 426 million as of the December quarter and 392 million as of the prior March quarter. Analysts surveyed by FactSet were modeling 428.4 million active accounts.

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