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PayPal CEO plans his exit, stock rises after earnings and forecast beat

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PayPal 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.

PayPal Holdings Inc.’s cost-savings story continued in the holiday quarter, as the digital-payments company topped profit expectations for the period and issued an upbeat annual earnings forecast as its chief executive plans his exit.

The company is in the midst of cutting expenses as it refocuses on its core strengths, through a plan announced last summer. PayPal announced last week that it intended to lay off 7% of its staff as it further dialed in on its priorities. Chief Executive Dan Schulman said in the company’s earnings release that PayPal had “a transformative year” in which it “invested in our platform to better serve our customers” but also streamlined the business.

 

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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.
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