The payment company
PAYPAL
-3.65%
closure:0
opening:78.34
High:78.72
low:75.29
cycle:—
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reports revenues of 6.85 billion dollars when analysts’ expectations were 6.81 billion dollars, in the previous quarter revenues were 6.18 billion dollars. The company posted an adjusted profit per share of $1.08 compared to analysts’ expectations for a profit of $0.96 per share.
What mainly disappointed the investors was the volume of payments through the company, which was 336.97 billion dollars, the analysts’ expectation was 343.25 billion dollars. Also, the company’s revenue forecasts for the next quarter is $7.38 billion, the analysts’ estimate was $7.73 billion.
The company is in a bad spot and since the beginning of the year the stock has dropped by 60% to a price of $76.5, representing a value of $88.5 billion. The company’s stock is now down an additional 7% after the release of the reports and it seems that the company’s future for the near future is not promising at all. The company added another 2.9 million users in the last quarter to a total of 432 million users, the expectation was for a total of 432.9 million users.
In its previous reports, the company announced a buyback plan in the amount of 15 billion dollars, which sent the stock up 9% after the release of the reports. In addition, the company recently announced a collaboration with Apple, in which the company will take part in the ApplePay service and it seems that it is hanging its finger on the matter, which it hopes will be able to bring the company many more customers and raise the company’s status back up.
At the end of August, Bank of America raised the target price of the stock to $114 and it seems that this dream is quite far away now. Bank of America stated regarding the holding of the Elliott Fund (which purchased part of the company’s shares): “We believe that the Elliott Investment Fund can help improve shareholder value in two main ways: first, striving for significant cost cutting and efficiency, second, increasing the return of value to shareholders, mainly Through repurchases, and perhaps through dividend plots.”
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One of the hardest blows it took recently was after the company said it would fine users $2,500 and backtracked. The fine was intended to apply every time a user presents information that the company considers incorrect. PayPal quickly apologized over the weekend for what it called a “confusion,” saying it was just a mistake, but not before a barrage of criticism from a number of high-profile people — including the company’s former president, David Marcus. Marcus wrote on Twitter that the new user policy (AUP) is “crazy” that forced him to come forward and criticize his former employer, where he worked for three years from 2011.
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