PayPal, the US payment services company, reported net revenues of $7.4 billion in the fourth quarter of 2022, up 7% from the same period a year ago.
Earnings per share were $1.24, compared to $1.11 per share in the same quarter a year ago. Refinitiv analysts had expected, on average, adjusted earnings per share of $1.20 on revenues of $7.39 billion.
The digital payments giant said it expects full-year 2023 adjusted earnings of about $4.87 per share, higher than $4.75 market expectations.
Additionally, the company announced that President and CEO, Dan Schulman has notified the board of directors of his intention to retire on December 31, 2023, and that he will work with the board on a smooth leadership transition. Schulman will continue to serve on the board of directors.
“It has been an enormous privilege to have the opportunity to lead this great company for the past 8 1/2 years,” Schulman said. “However, I’m at a time in my life where I want to devote more time to my passions outside of work. I remain 100% committed to working closely with the board and my eventual successor for a smooth transition and to ensure we keep our positive momentum on track.”
Schulman joined PayPal in 2014 to lead the company as an independent publicly traded company following its separation from eBay. Under his leadership, PayPal’s market capitalization growth outpaced the S&P 500. While revenues increased from $9.2 billion in 2015 to $27.5 billion in 2022, with total active accounts more than doubled to over 430 million in 200 markets.