😎 Summer Sale Exclusive - Up to 50% off AI-powered stock picks by InvestingProCLAIM SALE

PayPal stock rises as CEO comments positively about current trends

Published 2024/06/07, 12:22
© Reuters

PayPal (NASDAQ:PYPL) shares jumped over 5% Thursday after bullish comments from Chief Executive Alex Chriss at a conference.

According to a note from analysts at Bank of America, who hosted PYPL management, including CEO Alex Chriss, for a fireside chat at its
Global Technology Conference, "transaction profit $ as well as opex savings from cost actions earlier this year are both trending ahead of plan for 2Q."

"As a result, we believe 2Q EPS growth is tracking ahead of guidance for low double-digit growth," said analysts. They believe the company may reinvest some of this second quarter upside in the second half of the year.

While the bank continues to view 2024 as a transition year for the company and maintained a Neutral rating on the stock, they noted that the PayPal CEO reiterated his commitment to profitable growth.

Analysts explained: "To that end, PYPL is focused on continuing to roll out its next-gen core checkout button, pricing to value in the unbranded business, driving increased adoption of PayPal Complete Payments (PPCP) in the SMB market, and boosting Venmo monetization through initiatives such as offering the Venmo debit card during new account sign-up."

Latest comments

Risk Disclosure: 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.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.