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“We’re now doing three or four things extremely well.” One analyst commented on the call that the magnitude of PayPal’s cost-savings targets was more than he’d expected, but Schulman maintained that the company would continue to invest in the business. The company’s previous forecast called for $3.81 to $3.93 in adjusted EPS.
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“Given today’s environment, we think it’s important to be conservative,” Interim Chief Financial Officer Gabrielle Rabinovitch said on the call.Įxecutives also anticipate about $3.87 to $3.97 in adjusted EPS for the full year. They also model approximately 11% growth on a currency-neutral basis, which is at the low end of the company’s previous range. Executives ended up reducing their forecast and now model roughly 10% growth on a spot basis, versus a prior outlook for 11% to 13% growth. The latest moves are all “positives,” according to Mizuho analyst Dan Dolev, who said that PayPal’s “cost basis was way too high, and it needed to return capital to shareholders.”Ī key question headed into PayPal’s report was whether the company would again lower revenue guidance for the full year after a string of cuts earlier this year. “Bottom line, these developments should address (at least for now) many investor concerns over execution and strategic direction,” Wedbush analyst Moshe Katri said in an email. The leadership team will be getting an additional shakeup in the months to come as PayPal announced that Chief Product Officer Mark Britto plans to retire at the end of the year, and a search for his replacement is ongoing. The executives are targeting operating margin expansion for 2023.
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He replaces John Rainey, who stepped down earlier this year to become Walmart Inc.’sĮven before Jorgensen joins the company Wednesday, PayPal executives announced a variety of financial initiatives including a new $15 billion share-repurchase authorization and cost-savings program that they expect will deliver $900 million in savings this fiscal year and $1.3 billion in savings next year. The company is bringing on former Electronic Arts Inc.Ĭhief Financial Officer Blake Jorgensen to serve in the same role at PayPal. Schulman shared on PayPal’s earnings call that his team and the Elliott team were “completely aligned in our mutual goal to maximize shareholder value and we are substantially aligned on the areas of focus for achieving our objectives.” He added that PayPal’s report “highlights a number of steps that have been underway and are being initiated to help realize the significant value opportunity” in the business. “PayPal has an unmatched and industry-leading footprint across its payments businesses and a right to win over the near and long term.” “As one of PayPal’s largest investors, with an approximately $2 billion investment, Elliott strongly believes in the value proposition at PayPal,” Elliott Managing Partner Jesse Cohn said in a statement included in PayPal’s release. Elliott confirmed the involvement in Tuesday’s report, just as the activist investor did Monday afternoon with struggling Pinterest Inc. Jumped 11% in after-hours trading Tuesday, after rocketing to their best day in two years last week amid reports that Elliott had taken a stake in the business. “We are well underway in a deep transformation of our business to regain momentum,” Chief Executive Dan Schulman said on the company’s earnings call.