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PayPal Plummets After ‘Slower-Than-Expected’ Finish to Year

  • Quarterly advance in payments volume is weakest in two years
  • Former parent company EBay has been moving away from PayPal
Updated on

PayPal Holdings Inc. plummeted after saying growth in spending on its platform continued to slow during the fourth quarter as economies around the world reopened and consumers flocked to in-store shopping. 

Total payments volume climbed just 23% to $339.5 billion in the final three months of last year as the technology giant’s former parent company, EBay Inc., continues to move payments offerings away from PayPal. That was the smallest increase in two years and fell short of analysts’ expectations.