By Liz Moyer
Investing.com -- PayPal Holdings Inc (NASDAQ:PYPL) beat expectations for quarterly earnings and said CEO Dan Schulman plans to retire at the end of the year.
Shares of the payments fintech rose 2.3% in after-hours trading and are up 10% so far this year.
The board will retain a search firm to help find a successor to Schulman, who joined it in 2014 as it was being separated from eBay (NASDAQ:EBAY).
“It has been a huge privilege to have the opportunity to lead this great company for the past 8 1/2 years,” Schulman said in a statement. “However, I'm at a point in my life where I want to devote more time to my passions outside the workplace.”
PayPal reported adjusted earnings of $1.24 a share and revenue of $7.38 billion. Analysts expected adjusted profit of $1.20 a share on revenue of $7.39B. Revenue was up 7% from the prior year.
Total payment volume came in a little below expectations for the fourth quarter, around $357.4B, representing a 5% increase, versus forecasts for $360B.
In the earnings release, Schulman said: “2022 was a transformative year for PayPal. We invested in our platform to better serve our customers, while focusing and streamlining our business. We will continue this work throughout 2023.”
For the full-year 2022, PayPal said revenue rose 8%, to $27.5B, and total payment volume rose 9% to $1.36 trillion. Both were in line with estimates.
For the first quarter of 2023, the company is forecasting net revenue to rise 7.5% and adjusted earnings per share of $1.08 to $1.10, slightly below expectations for $1.07 a share. It expects full-year adjusted EPS to be around $4.87, above expectations.