PayPal's Q4 earnings fall short of expectations, company replaces CEO
PANews, February 3rd—According to Golden Ten Data, Paypal (PYPL.O) announced that as the company reported profits and revenue below expectations, CEO Alex Chriss will be succeeded by HP CEO Enrique Lores. Paypal's stock price plunged as much as 16% in pre-market trading. According to the statement, before Lores officially takes office on March 1, Chief Financial Officer Jamie Miller will serve as interim CEO. Fourth-quarter earnings fell short of expectations, with the company citing weak U.S. retail spending and headwinds in its international business. Another statement showed that the growth of PayPal-branded online checkout business slowed to 1%, down from 6% a year ago. Fourth-quarter earnings per share were $1.23, with total revenue of $8.68 billion, both below analysts' expectations for the quarter.
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