PayPal sees flat profit in ‘transition year,’ shares fall

PayPal’s forecast of flat growth in adjusted profit for the current year overshadowed its market-beating earnings report, sending shares of the payments giant down 7% in extended trading.

On a post-earnings call, newly appointed CEO Alex Chriss laid out a strategic plan to turn the company leaner in its pursuit of driving profitable growth and ease pressure on its shares, which was one of the worst performers on the Nasdaq 100 Index in 2023.