PayPal Excites Investors as Partnership Deals Deliver Growth
- Company raises its annual forecast for revenue, profit
- Six million active customer accounts added from past quarter
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PayPal Holdings Inc. Chief Executive Officer Dan Schulman is getting investors to embrace his strategy of converting the online payments platform into a digital wallet, even if it requires deal-making that may diminish profit margins.
The company reported first-quarter results Wednesday that showed Schulman’s strategy is working and raised its annual forecast. Sales and profit topped analysts’ projections as PayPal added 6 million active customer accounts and increased the number of transactions per account by 12 percent.