PayPal shares fell more than 17% after hours on Tuesday after reporting mixed results and Q1 guidance that fell below analyst estimates. The company expects first-quarter non-GAAP earnings per share of 87 cents, short of the $1.16 analysts anticipated.
PayPal forecast revenue to grow about 15% to 17% for the full year 2022, on a spot and foreign-currency-neutral basis. Analysts had expected year-over-year revenue growth for 2022 to be 17.9%.
The dot-com-era tech giant acquired PayPal twenty years ago to handle payments for its website.In 2015, the two companies split, and eBay slowly transitioned to its payment system and off from PayPal. said it expects to add 15 million to 20 million new accounts this year and walked back its 750 million total accounts set by the company last year.