PayPal Says Volume Growth Slowed; CEO Schulman to Retire
- Fourth-quarter payments volume misses analyst expectations
- Investments in platform have been ‘transformative,’ CEO says
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PayPal Holdings Inc.’s volume growth on its platforms slowed even faster than expected in the final three months of last year, yet another sign that consumer spending continued to stumble even during the normally busy holiday season. The firm also said Chief Executive Officer Dan Schulman plans to retire at year-end.
Total payments volume climbed 9% to $357.4 billion, missing the $365.4 billion average estimate of 23 analysts compiled by Bloomberg. Still, the company has set its sights on trimming costs and said adjusted profit for the year would climb 18% to $4.87 a share, exceeding the $4.75 analysts currently expect.