Dow Jones futures were higher Wednesday, as AMD and Alphabet surged on strong earnings results. But PayPal plunged on an earnings miss. Read More...
Reuters
PayPal shares plunge 17% as bleak forecast stokes growth fears
The share slide set the stock up for its lowest opening since May 2020, as PayPal also listed out a number of other factors hurting its performance, including high inflation, the end of stimulus checks and the impact of the ongoing supply chain issues on cross-border volumes. At least 11 analysts cut their price targets on the stock and BTIG downgraded its recommendation to “neutral” from “buy”. PayPal’s operating agreement with eBay, its former parent, has ended and the online marketplace’s transition to its own payments platform is impacting transaction volumes, the company said on Tuesday.
