PayPal Withdraws Fiscal Year Guidance, Expects Fall in 2Q EPS
May 06 2020 - 5:24PM
Dow Jones News
By Allison Prang
PayPal Holdings Inc. said it is withdrawing its 2020 guidance
for revenue and profit and it expects second-quarter earnings per
share to fall by at least 28%.
In March, the deteriorating environment resulting from Covid-19
impacted PayPal's business. However, PayPal cited accelerating
business trends in April for its second-quarter outlook.
The fintech company expects EPS to be 28% to 34% lower year over
year in the second quarter. It expects adjusted EPS to rise between
15% and 20%.
Both of those expected ranges "exclude the impact of incremental
credit loss reserves due to macroeconomic projections," PayPal
said.
PayPal expects about a 13% bump in revenue this quarter, based
on current spot rates. On a foreign-currency neutral basis, it
expects revenue to increase by about 15%.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
May 06, 2020 17:09 ET (21:09 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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