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RE: LeoThread 2024-10-01 10:11

taskmaster4450le (80)in LeoFinance • 4 months ago

PayPal CEO's first year was praised by Wall Street, but hard part starts now for struggling payments company

PayPal CEO Alex Chriss just wrapped up his first year on the job, and his company's stock had its best quarterly performance since 2020.

In January, about a hundred days into his job as PayPal CEO, Alex Chriss told CNBC's David Faber that the payments company hadn't had much to celebrate in recent years. But Chriss confidently said he was prepared to "shock the world."

#newsonleo #paypal #wallstreet #technology

4 months ago in LeoFinance by taskmaster4450le (80)

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taskmaster4450le (80) 4 months ago

PayPal, a 26-year-old Silicon Valley company, has undergone a significant transformation under the leadership of CEO Alex Chriss, who took the reins in November 2022. Chriss, a seasoned executive with a 19-year tenure at Intuit, has implemented a series of strategic changes aimed at refocusing the company on profitability and improving transaction margins.

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taskmaster4450le (80) 4 months ago

One of the key initiatives Chriss has undertaken is a workforce reduction of 9%, which has helped to streamline operations and reduce costs. Additionally, the company has brought in new leadership, including Isabel Cruz as chief people officer, Michelle Gill to run a new small business and financial services group, Diego Scotti to oversee the consumer group, and Jamie Miller as CFO. This new leadership team has been instrumental in driving the company's turnaround.

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taskmaster4450le (80) 4 months ago

Under Chriss' leadership, PayPal's stock has experienced a significant rally, with shares jumping 34% in the third quarter, the company's biggest quarterly rally since mid-2020. analysts have taken notice of the company's turnaround, with Dan Dolev of Mizuho securities upgrading his rating to buy in May and Susquehanna's James Friedman lifting his rating to buy, citing Chriss' ability to deliver on his bold promises to shareholders.

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taskmaster4450le (80) 4 months ago

Several key initiatives have contributed to PayPal's turnaround, including:

Improved transaction margins: Chriss has focused on increasing the profitability of PayPal's core business by offering merchants increased value-added services, such as connecting data points at checkout to drive down cart abandonment rates. This has resulted in higher revenue and improved profitability for the company.
monetization of key acquisitions: PayPal has successfully monetized its key acquisitions, including Braintree and Venmo, which has helped to drive growth and improve profitability. The company has leveraged these acquisitions to expand its offerings and reach new customers.

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taskmaster4450le (80) 4 months ago

Point-of-sale efforts: PayPal has launched several point-of-sale efforts, including PayPal Everywhere, which offers 5% cash back for using a PayPal debit card within the mobile app, and Fastlane, a one-click payment option for online sales. These initiatives have helped to drive adoption and increase revenue for the company.

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taskmaster4450le (80) 4 months ago

Focus on small and medium-sized businesses: Chriss has emphasized the importance of targeting SMBs, which are an "untapped opportunity" for PayPal. The company is working to broaden its reach in this space, which could be lucrative. By focusing on SMBs, PayPal can tap into a large and growing market, increasing its revenue and profitability.

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taskmaster4450le (80) 4 months ago

While PayPal has made significant progress under Chriss' leadership, there is still much work to be done. The company's stock remains about 75% below its record high, and analysts are anxiously awaiting Chriss' multiple-year outlook. However, with its new leadership team and strategic initiatives in place, PayPal is well-positioned for continued growth and success in the years to come.

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