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PayPal Stumbles, Stock Plunges As Market Goes Soft

PayPal, a onetime favourite of retailers in Australia, is facing problems with their stock plunging 18% as growth slowed across the last quarter.

In Australia, retailers are telling ChannelNews that January was a “horror” month compared to last year, but up compared to 2019.

PayPal Holdings claimed earlier today that total payments volume climbed 23% to $339.5 billion in the final three months of last year.

That was the smallest increase in two years and fell short of analyst expectations, as its former parent company continues to move its payments offerings away from PayPal.

PayPal Chief Executive Officer Dan Schulman called 2021 “one of the strongest years” in company history, according to the statement. “The future is moving in our direction, and we are investing in our consumer and merchant capabilities to seize the opportunity in front of us.”

PayPal shares tumbled to US$144.51 in extended New York trading following the announcement. They had previously traded at US$177

PayPal and EBay decided to end their long-time partnership in 2018 and the e-commerce giant has begun to more rapidly move away from PayPal’s platform in recent quarters. PayPal said it expects revenue this year to climb as much as 17%, compared with a current forecast from analysts of 18%.

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