Thndr Claps » U.S. Claps » Financial Services 💸 » PayPal shows its strength in Q2-2022 📈
The ClapPayPal reported strong earnings in Q2-2022, beating expectations.The DeetsPaypal recorded revenues that beat analysts’ estimates, recording $6.81 billion. Analysts were expecting $6.79 billion in earnings.Revenue grew 9% YoY, but PayPal still recorded a $341 million net loss. PayPal had a 6% increase in active accounts, reaching 429 million accounts. Why this Matters?The company is looking to become more capital efficient. It expects to reduce costs by $900 million this year, and that cuts and other changes should save at least $1.3 billion in 2023. They also announced a new $15 billion share buyback program.PayPal also confirmed that hedge fund Elliott Management has taken a $2 billion stake in the company. All of these factors drove the stock price up by around 13%.
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