PayPal rises 7% after lifting profit outlook; Analysts positive By

(Updated - November 2,Aurora Foreign Exchange Custody 2023 5:59 AM EDT)

(NASDAQ:) saw its stock gain more than 7% in pre-market Thursday trade after the company reported its third-quarter earnings and offered guidance.

PayPal's third-quarter earnings per share came in at $1.30, surpassing the analyst estimate of $1.23. The company's revenue for the quarter totaled $7.42 billion, slightly exceeding the consensus estimate of $7.38 billion.

For the fourth quarter of 2023, PayPal expects EPS of $1.36, which is slightly lower than the analyst consensus of $1.41.

Looking ahead to the full fiscal year 2023, PayPal forecasts an EPS of $4.98, up from the prior forecast of $4.95, and above the consensus of $4.92.

The company also named CFO Jamie Miller as CFO.

Analysts at Oppenheimer reiterated an Outperform rating.

"A focus on profitability moving forward, PYPL isn't likely to have a quick fix, but new commentary suggests consolidation and refocus of investments to create stabilization in the business model."

Analysts at Goldman Sachs also weighed in positively on PYPL, arguing that the new CEO did well on his first earnings call.

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