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PayPal Holdings Inc declined 8.8% to $66.70 despite the company meeting earnings expectations set by some investors.

The payment processing company said second quarter revenue increased 7% to $7.29 billion and the company swung to net income of $1 billion from a loss of $341 million and diluted earnings per share was 92 cents compared to a loss of 29 cents a year ago.

Total payment volume increased 11% to $376 million from $339.8 million a year ago.

PayPal forecasted third quarter revenue to increase 8% to $7.4 billion and diluted earnings per share between 85 cents and 87 cents.

The company anticipated stock repurchase in the current year to reach $5 billion.

PayPal and KKR announced an exclusive multi-year relationship for European buy now, pay later and under the terms of the agreement, private credit funds and accounts managed by KKR will purchase up to €40 billion of current and future BNPL loans originated in the UK and other European countries.

The deal is expected to close in the second half and upon closing PayPal expects to receive proceeds of $1.8 billion.

03 Aug, 2023

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