• Cryptocurrency
  • Earnings
  • Enterprise
  • About TechBooky
  • Submit Article
  • Advertise Here
  • Contact Us
TechBooky
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
TechBooky
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

PayPal Reports Impressive Third-quarter Earnings Alongside Weak Fourth-quarter Guidance

Ibhadojemu Emmanuel by Ibhadojemu Emmanuel
November 4, 2022
in Uncategorised
Share on FacebookShare on Twitter

Shares of online payments company PayPal dropped more than 5 percent in Thursday’s after-hours trading after the company reported weak guidance for the ongoing fourth quarter. The company, however, reported impressive earnings and revenue for the third quarter. 

PayPal reported earnings per share, ex-items, of $1.08 in the third quarter, beating analysts’ estimate of 96 cents, according to Refinitiv. Revenue for the third quarter came in at $6.85 billion, surpassing an estimate of $6.82 billion by analysts, according to Refinitiv.

The company said it expects revenue for the fourth quarter to come in at $7.38 billion, lower than the estimates of $7.74 billion by analysts, according to Refinitiv. The company increased EPS guidance for the full fiscal year, adding that it benefitted from “ongoing productivity initiatives.” It also expects to add between 8 million and 10 million net new active users in the fiscal year. The company’s CEO Daniel Schulman blamed “a challenging macro environment, slowing e-commerce trends, and an unpredictable holiday shopping season” for the company’s prudent forecast. “We think that e-commerce is going to be pretty muted in the fourth quarter,” he added.

Like many other companies, PayPal is also affected by the ongoing economic downturn that has forced companies to be strategic with their spending, policies, and hiring. The company had to cut down on its annual revenue growth forecast as it prepares for the economic downturn to continue. It also added that it does not expect much growth in its US e-commerce business in the fourth quarter.

PayPal said it expects $900 million in cost savings this year and at least $1.3 billion next year.

“Their cost-saving plans are taking hold but in the ultra-competitive payments world, market share gains don’t seem to be enough to placate investors,” Michael Ashley Schulman, Chief Investment Officer at Running Point Capital Advisors said.

PayPal also said that it is working with Apple to enhance its offerings for PayPal and Venmo. It said it is working on allowing merchants in the US to accept contactless payments through their mobile wallets, and adding PayPal and Venmo network-branded credit and debit cards to the Apple Wallet.

Jack Dorsey-owned Block also reported impressive third-quarter earnings results. For the third quarter, the company reported adjusted earnings per share of $0.42, surpassing analysts’ estimate of $0.23, according to Refinitiv. Third-quarter revenue came in at $4.52 billion, beating analysts’ estimate of $4.49 billion, according to Refinitiv. It also reported a gross profit of $1.57 billion, up 38 percent from the $1.13 billion reported a year earlier. It also surpassed Wall Street expectations of $1.53 billion. 

Related Posts:

  • salesforce-sign-4
    Salesforce Reports Better-than-expected Earnings…
  • Zoom Issues Better-than-expected First Quarter…
  • Snowflake_Booth_WC_0294e9a31a
    Snowflake Reports Impressive Third Quarter, Shares…
  • Salesforce Reports Impressive Quarterly Results Alongside Weak Guidance For The Current Quarter And The Fiscal Full Year
    Salesforce Reports Impressive Quarterly Results…
  • Killings By Police March
    eBay Reports Better-than-expected Third Quarter…
  • lenovo-yoga-book-feature-awesome-specs-android
    Apple Reports Impressive Fiscal Third Quarter…
  • Analysts Say Lyft Is Losing Market Share To Uber After The Company Issued Its Third Quarter Earnings Results And Weak Guidance For The Ongoing Quarter
    Analysts Say Lyft Is Losing Market Share To Uber…
  • Amazon Reports Impressive Results, Issues Positive Guidance For The Next Quarter
    Amazon Reports Impressive Results, Issues Positive…

Discover more from TechBooky

Subscribe to get the latest posts sent to your email.

Ibhadojemu Emmanuel

Ibhadojemu Emmanuel

Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.

BROWSE BY CATEGORIES

Select Category

    Receive top tech news directly in your inbox

    subscription from
    Loading

    Freshly Squeezed

    • Tech Hype vs. Reality – When Big Tech Missed the Mark Pt. 1 May 9, 2025
    • Top 10 Fee-Free Fintech Apps Nigerians Are Turning To After CBN’s New Charges May 8, 2025
    • Airtel Launches Mobile Money in 2026 to Rival M-Pesa & MoMo May 8, 2025
    • Nigeria Hits 172M Mobile Subscriptions; MTN Tops 90M Barrier May 8, 2025
    • WhatsApp Developing AI Chat Wallpapers & Message Summaries May 8, 2025
    • Bill Gates to Wind Down Foundation by 2045, Slams Elon Musk Over USAID Cuts May 8, 2025

    Browse Archives

    May 2025
    MTWTFSS
     1234
    567891011
    12131415161718
    19202122232425
    262728293031 
    « Apr    

    Popular Tags

    africa (135) AI (497) android (367) app (717) Apple (576) artificial intelligence (419) business (482) china (132) cryptocurrency (209) ecommerce (122) enterprise (287) facebook (507) fintech (244) funding (121) gadget (558) gaming (201) google (709) government (469) instagram (173) internet (466) ios (291) iphone (246) meta (116) microsoft (369) mobile (352) new feature (384) nigeria (440) privacy (158) research (140) samsung (185) security (421) smartphone (277) social media (835) software (509) startup (419) streaming (174) telecom (242) tips (372) twitter (289) united states (216) users (158) videos (127) website (173) whatsapp (201) youtube (138)

    Quick Links

    • About TechBooky
    • Advertise Here
    • Contact us
    • Submit Article
    • Privacy Policy

    About Us

    TechBooky

    TechBooky is a social Tech blog with a special focus on the budding African Technology sector. TechBooky is currently based in Abuja, Nigeria.

    Recent News

    Tech Hype vs. Reality – When Big Tech Missed the Mark Pt. 1

    Tech Hype vs. Reality – When Big Tech Missed the Mark Pt. 1

    May 9, 2025
    Top 10 Fee-Free Fintech Apps Nigerians Are Turning To After CBN’s New Charges

    Top 10 Fee-Free Fintech Apps Nigerians Are Turning To After CBN’s New Charges

    May 8, 2025
    Airtel Launches Mobile Money in 2026 to Rival M-Pesa & MoMo

    Airtel Launches Mobile Money in 2026 to Rival M-Pesa & MoMo

    May 8, 2025
    MTN Recovers ₦32 Billion in USSD Fees

    Nigeria Hits 172M Mobile Subscriptions; MTN Tops 90M Barrier

    May 8, 2025
    WhatsApp Developing AI Chat Wallpapers & Message Summaries

    WhatsApp Developing AI Chat Wallpapers & Message Summaries

    May 8, 2025
    Bill Gates to Wind Down Foundation by 2045, Slams Elon Musk Over USAID Cuts

    Bill Gates to Wind Down Foundation by 2045, Slams Elon Musk Over USAID Cuts

    May 8, 2025
    • Login

    © 2021 Design By Tech Booky Elite

    Generic selectors
    Exact matches only
    Search in title
    Search in content
    Post Type Selectors
    • African
    • Artificial Intelligence
    • Gadgets
    • Metaverse
    • Tips
    • About TechBooky
    • Advertise Here
    • Submit Article
    • Contact us

    © 2021 Design By Tech Booky Elite

    Discover more from TechBooky

    Subscribe now to keep reading and get access to the full archive.

    Continue reading

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok