PayPal rises 7% after lifting profit outlook; Analysts positive
Investing.com | Author Senad Karaahmetovic
Published Nov 01, 2023 04:44PM ET
Updated Nov 02, 2023 06:05AM ET
PayPal (PYPL) edges higher after lifting profit outlook
PayPal Holdings Inc (NASDAQ:PYPL) saw its stock gain more than 7% in pre-market Thursday trade after the company reported its third-quarter earnings and offered guidance.
PayPal's third-quarter earnings per share came in at $1.30, surpassing the analyst estimate of $1.23. The company's revenue for the quarter totaled $7.42 billion, slightly exceeding the consensus estimate of $7.38 billion.
For the fourth quarter of 2023, PayPal expects EPS of $1.36, which is slightly lower than the analyst consensus of $1.41.
Looking ahead to the full fiscal year 2023, PayPal forecasts an EPS of $4.98, up from the prior forecast of $4.95, and above the consensus of $4.92.
The company also named CFO Jamie Miller as CFO.
Analysts at Oppenheimer reiterated an Outperform rating.
"A focus on profitability moving forward, PYPL isn't likely to have a quick fix, but new commentary suggests consolidation and refocus of investments to create stabilization in the business model."
Analysts at Goldman Sachs also weighed in positively on PYPL, arguing that the new CEO did well on his first earnings call.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.