April 30 (Reuters) – PayPal (PYPL.O), opens new tab executives on Tuesday emphasized plans to reignite growth in branded checkout products that have struggled in recent years as big tech expanded market share, after the payments firm raised its forecast for full-year adjusted profit.
The company’s stock had struggled last year on fears that the entry of Apple (AAPL.O), opens new tab and Alphabet’s Google (GOOGL.O), opens new tab in digital payments could take away a big chunk of PayPal’s mainstay business.
PayPal’s unbranded businesses have grown, but weakness in its branded business such as Venmo has been central to investor anxieties.
“We continue to focus on accelerating growth in branded checkout and driving the profitability of our business. We are executing to get upgrades to our core branded checkout experiences to the market,” CEO Alex Chriss said on a post-earnings call.
The company’s shares rose 3% after its quarterly results signaled resilience in consumer spending, while cost-cuts aided margins.
Source: REUTER
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