PayPal’s Record Drop Another Pandemic Boom-to-Bust Example
- Stock slumps 23% and is set for the biggest drop on record
- Weak results pull down shares of Square, Affirm Holdings
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PayPal Holdings Inc. shares sank to almost the lowest level since the pandemic’s onset, joining the likes of Peloton Interactive Inc. and Netflix Inc. in a post-earnings selloff.
These companies have given back most of their multi-fold gains as demand for their services during Covid-19 lockdowns and mobility restrictions have quickly come to an end. PayPal’s December quarter numbers showed the same, prompting investors to dump the stock and hand losses of 23%, on track for the worst single-day loss on record.