PayPal Drops Most Since August After Upgrades Fall Short
- CEO Chriss had promised to ‘shock’ company’s detractors
- Enhancements include one-click checkout, Venmo updates
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PayPal Holdings Inc. fell as much as 6.5%, the most since August, after rolling out several product enhancements that fell short of some investors’ expectations.
Optimism had been building after Chief Executive Officer Alex Chriss promised to “shock the world” in an interview on CNBC last week. Shares climbed about 5% in the days following the announcement, but slumped Thursday after the product announcements.