PayPal forecasts strong full-year profit, says CEO to retire at year-end

PayPal Holdings Inc forecast full-year profit above Wall Street estimates on Thursday and said Chief Executive Dan Schulman will retire at the end of 2023, after nearly eight and a half years at the payment firm’s helm.

While macroeconomic pressures have begun to pressure American consumers, particularly those in the lower income bracket, PayPal’s customers continue to spend undeterred by decades-high inflation.

Shares in the payments heavyweight were up 2% in extended trading after results.

Executives at major U.S. banks, including Bank of America’s chief said earlier in January that overall spending continues to tread largely positive waters, but the pace of growth has begun to slow.