PayPal stock has surged 9.9% in a month, fueled by strong performance and growth prospects

From Nasdaq: 2024-08-16 10:34:00

PayPal’s stock has surged 9.9% in the past month, outperforming the industry and indices. The company’s strong performance is fueled by its digital payment solutions and customer strategies. PayPal generated $4.55 billion in revenues from the United States and $3.33 billion internationally in Q2 2024.

The company’s payment ecosystem connects merchants and customers seamlessly, boosting its competitive position. PayPal’s branded checkout and Venmo are driving transaction margin growth. Fastlane, a new feature, has shown promising results in guest checkout conversion rates. The company is set to launch more password-less authentication processes.

PayPal’s collaboration with Apple and Alphabet to integrate the Venmo debit card with Apple Pay and Google Pay will drive customer momentum. The company’s strong positioning in the cryptocurrency space allows merchants to accept crypto payments. Upward estimate revisions suggest continued growth for PayPal in the near and long-term future.

PayPal expects mid-single-digit revenue growth for Q3 2024 and high-single-digit growth in non-GAAP earnings per share. For 2024, the company anticipates low to mid-teens growth in non-GAAP earnings per share. PayPal’s strong competitive position, compelling product portfolio, and upward estimate revisions present a solid investment opportunity.



Read more at Nasdaq: PayPal (PYPL) Gains 9.9% in a Month: Should You Buy the Stock?