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PayPal lifts 2024 profit forecast as spending holds up, margins improve

Channel News Asia LogoChannel News Asia3h ago

PayPal lifts 2024 profit forecast as spending holds up, margins improve - Channel News Asia

Quick Summary:

PayPal on Tuesday raised its forecast for full-year adjusted profit for the second time, betting on resilient consumer spending in the back-to-school and upcoming holiday shopping seasons, while cost-cutting measures improved margins.

Meanwhile, under CEO Alex Chriss, the payments giant has focused on improving operating margins by restructuring, aggressively cutting costs and reducing its headcount.

Soon after his appointment as CEO last year, Chriss had said he expects to increase revenue outside of purely transaction-related volumes and pledged to make the fintech leaner.


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PayPal lifts 2024 profit forecast as spending holds up, margins improve - Channel News Asia (Picture 1)PayPal lifts 2024 profit forecast as spending holds up, margins improve - Channel News Asia (Picture 2)

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Article Details

Category: EconomyBusiness

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-30 @ 19:03:33 (3 hours ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 470 words

Reading Time: 3 minutes read

Sentences: 21 lines

Sentence Length: 23 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Channel News Asia

News ID: 21854576

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About Channel News Asia

Channel News Asia Logo

Main Topics: EconomyBusiness

Official Website: channelnewsasia.com

Update Frequency: 39 posts per day

Year Established: 1999

Headquarters: Singapore

News Last Updated: 1 hours ago

Coverage Areas: Singapore

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Local / Regional

News Language: English

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API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #27

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