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Reuters

PayPal cuts annual profit view as macroeconomic challenges mount

The company said it expects adjusted profit between $3.81 and $3.93 on a per share basis, down from its previous forecast of $4.60 to $4.75 per share. Customers in the United States have started tightening their belts in recent months as inflation surges to its highest in decades, pressuring earnings of payment processors like PayPal. In the first three months of the year, PayPal’s revenue rose 8% on an FX neutral basis to $6.5 billion, narrowly missing Wall Street estimates of $6.6 billion, according to Refinitiv data.

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