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PayPal Holdings, Inc. (PYPL) Faces Pressure as Revenue Falls Short and CEO Change Looms
PayPal Holdings, Inc. (PYPL) experienced a significant stock drop, up to 19%, after announcing that Enrique Lores would replace Alex Chriss as CEO following a miss on fourth-quarter revenue and profit expectations. The company reported $8.68 billion in revenue and $1.23 earnings per share for Q4, with growth in PayPal-branded online checkouts slowing to 1%. This leadership change and financial underperformance come amidst global economic headwinds and decreased U.S. retail spending.