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PayPal CEO Defends Long-Term Strategy After Sales Miss

  • Investors disappointed by company's fees from transactions
  • Take rate falls to 3.24 percent from 3.39 percent year earlier
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Ebay Exceeds Expectations While Paypal Flops

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PayPal Holdings Inc. Chief Executive Officer Dan Schulman defended his strategy of inking deals with big merchants and smartphone applications and offering free peer-to-peer payments as investors sent shares down on concerns the efforts are hurting profit.

PayPal, in its first quarter as a stand-alone company separate from EBay Inc., said it added 4 million accounts to reach 173 million users. Its total payments volume gained 20 percent to $69.7 billion from a year earlier.