Shares of PayPal Holding (NASDAQ: PYPL) slumped out of the gate on Friday, falling by as much as 7%. For the third quarter, PayPal reported net revenue of $6.85 billion, up 11% year over year and up 12% on a constant-currency basis. To put this in context, analysts' consensus estimates had forecast revenue of $6.8 billion and earnings per share of $0.97, so PayPal cleared both bars with ease. Read More...
Reuters
U.S. audit inspection of Chinese companies in Hong Kong ends – sources
HONG KONG (Reuters) -U.S. audit watchdog’s onsite inspection of the audit work of New York-listed Chinese companies, which started in Hong Kong in September, has ended, three people with knowledge of the matter said, raising hopes of a resolution of a long-pending dispute. The seven-week long onsite work by the Public Company Accounting Oversight Board (PCAOB), the U.S. audit watchdog, ended on Friday, said the sources, declining to be named as they were not authorised to speak to the media. The inspection started in Hong Kong after the two countries signed a pact in August to resolve a dispute that threatened to exclude more than 200 Chinese companies, including tech giant Alibaba Group Holding Ltd, from U.S. exchanges.
