From CNBC:

PayPal reported better-than-expected fourth-quarter results, with revenue reaching $8.03 billion, a 9% increase from the previous year. Net income rose 52% to $1.4 billion. Despite strong quarterly performance, the company’s active accounts fell 2% to 426 million, and PayPal provided guidance for the full year and first quarter that fell just short of expectations.

Total payment volume for the quarter was $409.8 billion, surpassing analyst expectations. The company also announced a 9% reduction in its global workforce, cutting about 2,500 jobs. CEO Alex Chriss, who took the helm in August, emphasized the company’s commitment to driving transformation and making necessary changes for profitable growth. Shares of PayPal are up 3% this year and are about 80% off their record from July 2021.



Read more: PayPal (PYPL) Q4 earnings