Paypal drops on light revenue forecast for Q4

PayPal shares fell much than 5% successful after-hours trading, contempt beating net and gross expectations for the third quarter, arsenic the company's Q4 gross estimation came successful down analysts' expectations.

Here's what PayPal reported:

• Earnings per stock (EPS): $1.08 per share, ex-items, vs. 96 cents expected, according to a Refinitiv survey of analysts
• Revenue: $6.85 billion, vs. $6.82 cardinal expected, according to Refinitiv

The institution estimated Q4 revenues to travel successful astatine $7.38 billion, which is little than the $7.74 cardinal statement expectations, according to analysts surveyed by Refinitiv

PayPal raised EPS guidance for the afloat fiscal year, saying it's benefited from "ongoing productivity initiatives." It expects to adhd 8 to 10 cardinal nett caller progressive users successful the fiscal year.

The institution said it's moving with Apple to heighten its offerings for PayPal and Venmo, including by letting U.S. merchant customers judge contactless payments done their mobile wallets and adding PayPal and Venmo network-branded recognition and debit cards to the Apple Wallet.

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