PayPal Holdings (PYPL) reported March-quarter earnings Wednesday that fell 28% from a year earlier but met Wall Street targets amid lowered expectations. PYPL stock rose in extended trading, although the company shaved its 2022 revenue outlook.
XAfter the market close on Wednesday, the e-commerce company said March quarter earnings came in at 88 cents a share. Revenue rose 7% to $6.5 billion, said San Jose, Calif.-based PayPal.
Analysts expected PayPal earnings of 88 cents a share on revenue of $6.4 billion. A year earlier, PayPal earned $1.22 a share on sales of $6.03 billion. PayPal updated 2022 guidance on per-share earnings, revenue and total payment volume.
"The reset was necessary to making the stock investable, but distinguishing between conservatism and fundamental pressure will be challenging near-term," Jefferies analyst Trevor Williams said in a note to clients.
PayPal Stock: More Customer Accounts
PYPL stock rose 2.4% to 84.50 in extended trading on the stock market today. In Wednesday's regular session, PYPL stock hit a new 52-week low.
Amid worries over customer growth, the e-commerce firm said it added 2.5 million consumer accounts, bringing its total to 429 million.
In the March quarter, total payment volume processed from merchant customers climbed 13% to $323 billion, in line with estimates. Analysts had projected total payment volume of $322.6 billion.
PayPal stock holds a Relative Strength Rating of only 4 out of a best-possible 99, according to IBD Stock Checkup.
For 2022, PayPal forecast revenue growth in a range of 11% to 13% versus earlier guidance of 15% to 17% growth.
Stock Plunges In 2022
PayPal stock had retreated some 55% in 2022. Shares plunged in February after its 2022 guidance missed estimates and the company abandoned five-year financial targets.
Chief Financial Officer John Rainey plans to leave the online payment site for retail giant Walmart (WMT).
Former parent eBay (EBAY), which spun off PayPal in 2015, is almost done shifting its payment processing from PayPal to Netherlands-based Adyen.
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Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing.
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April 28, 2022 at 03:42AM
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PayPal Stock Rises As Earnings Meet Views, Though Sales Forecast Shaved - Investor's Business Daily
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