PayPal Stock Slumps On Soft Holiday Outlook After Q3 Profit Beat

PayPal Stock Slumps On Soft Holiday Outlook After Q3 Profit Beat

paypal (PYPL) shares slumped lower Friday after the online payments group forecast softer-than-expected sales for the holiday quarter that marred a solid September quarterly update.

PayPal released a string of third-quarter earnings that was largely ahead of Street’s forecasts, as revenue rose 12% to $6.85 billion, giving adjusted earnings of $1.08 per share, a total of 12 percent. cents higher than the consensus estimate.

Looking at the last three months of the year, however, PayPal said revenues were likely to grow 10%, a percentage point lower than its earlier forecast, amid what CEO Daniel Schulman described as a “challenging macro environment, slowing email. commerce trends and an unpredictable Christmas shopping season”

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