fintech / news / / The Mercury News
PayPal Holdings Inc. plans to cut costs and jobs as new Chief Executive Officer Enrique Lores seeks to turn around the payments company.
PayPal plans to save at least $1.5 billion over the next two to three years.
KEY POINTS
- New CEO Enrique Lores reorganized business lines and appointed new executive leaders last week.
- PayPal's first-quarter adjusted earnings per share were $1.34, beating analyst estimates of $1.27.
- Venmo's total payment volume rose 14% this quarter, outpacing PayPal's 2% checkout volume growth.
- PayPal expects full-year adjusted earnings per share to be flat or decline slightly from last year.
COMPANIES
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