PayPal Holdings Inc.’s cost-savings story began to play out in the latest quarter, but that wasn’t enough to satisfy investors as the digital payments giant also cut its revenue forecast for the full year in light of the “rough macro environment.”
Shares fell 10% in after-hours trading after PayPal PYPL, -3.65% executives trimmed their revenue guidance for 2022, saying that they were now looking for 10% growth on a currency-neutral basis, whereas the prior forecast called for 11% growth.
Management has cut expectations on a series of guidance metrics throughout the year.