PayPal Climbs on Boosted Consumer Spending, Names Miller CFO
- Total payments volume rose 13%, surpassing analyst predictions
- Payments giant names Jamie Miller as CFO effective Nov. 6
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PayPal Holdings Inc. shares climbed after the payments giant boosted its profit outlook and reported increased spending on its platforms as consumer confidence remained strong amid moderating inflation.
PayPal said total payments volume rose 13% to $387.7 billion, surpassing analyst estimates. The company also reported that earnings per share increased 20% to $1.30, above the midpoint of the firm’s earlier guidance range. It subsequently said it expects EPS for the full year to grow 21% to $4.98.