PayPal (PYPL) shares hit fresh 52-week lows this week going into the digital payment platform’s quarterly results set for release on Wednesday after the close.
The once-pandemic darling has taken a beating this year along with other tech stocks. Earlier this year the company highlighted slower spending growth for its fourth quarter. Consumers have been doing more in-store shopping as economies around the world re-opened.
These are the consensus estimates expected by Wall Street analysts for PayPal’s first quarter 2022 results, as compiled by Bloomberg.
Revenue: $6.4 billion expected
Adjusted earnings per share: 88c
Total payment volume: $323.13 billion expected
Venmo total payment volume: $66.36 billion expected
The fintech giant recently announce C-suite changes. Chief Financial Officer John Rainey is stepping down next month to assume the same role at retailer Walmart (WMT).
During much of 2020 and 2021 the company benefited from online transactions amid lockdowns payments using PayPal and Venmo.
Technology stocks have been trending lower this year as the Federal Reserve prepares for more rate hikes amid tighter monetary policy to fight inflation.
PayPal shares are down 57% year-to-date. The stock reached a 52-week intraday high off of $310 in July of last year.
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Source: https://finance.yahoo.com/news/pay-pal-hits-52-week-lows-ahead-of-its-earnings-211358859.html