PayPal's Payment Volume Rises at Start of 'Transition Year'

PayPal Holdings Inc. reported a 14% increase in payment volume in Q1, reaching $403.9 billion, surpassing analysts' expectations. The company forecasts a slight decrease in earnings per share for 2024 compared to 2023, attributing this to the absence of certain gains from the previous year. Amidst this, shares rose 1.4% in early trading.

CEO Alex Chriss described 2024 as a transition year, focusing on strategic initiatives and cost management to ensure future profitable growth. PayPal is also planning to enhance its engagement with small-business customers and has announced a $5 billion share repurchase plan for the year.