PayPal Expands Venmo to Amazon
Shares of PayPal (Nasdaq: PYPL) dropped 5.04% in after-hours trading on Monday after the fintech giant posted mixed earnings results, but announced a new partnership.
Numbers: PayPal reported a $1.11 earnings per share, which was better than analyst projections. But, its revenue of $6.18 billion fell slightly under expectations.
Challenges: In particular, its eBay (Nasdaq: EBAY) numbers were not that good, with eBay marketplaces volumes dropping 45%. The company also lowered its full-year guidance.
New Partnership: On the bright side, PayPal announced a new partnership that will allow users in the U.S. to pay with Venmo while checking out on Amazon (Nasdaq: AMZN).
Final Thoughts: PayPal was very successful during the pandemic. It will need partnerships, such as the new one with Amazon, to help the company in a post-pandemic world.
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Nalini : I m bullish on PYPL. I have Calls expiring deep in 2022. They are taking a hefty beating which they do not deserve. Paypal should be back to 250 by next year. Patience pays off baby.