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PayPal shares slump as CEO replaced, outlook cut
(Sharecast News) - PayPal shares slumped on Tuesday as the digital payments company replaced its chief executive after a disappointing earnings outlook, saying it was unhappy with the pace of change. Former board chair Enrique Lores was appointed as CEO from March 1, replacing Alex Chriss. "While some progress has been made in a number of areas over the last two years, the pace of change and execution was not in line with the board's expectations."
PayPal forecast expected earnings would decline by a mid-single-digit percentage in the current fiscal year from the $5.41 a share it reported in 2025. Wall Street analysts had pencilled in $5.60 a share.
Shares were trading 17% lower in premarket trading to their lowest level in almost nine years. They have declined from a peak of $300 amid increasing competition from the likes of Klarna.
Fourth-quarter profit was $1.44bn, or $1.53 a share, compared with $1.12bn, or $1.11 a share, a year earlier.
Reporting by Frank Prenesti for Sharecast.com
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