Shares of PayPal fell as much in after-hours trading after the company lowered its full-year guidance.
PayPal's revenue came in at $4.31 billion vs. the expected $4.33 billion.
fell as much as 6% in after-hours trading after the payments giant missed Wall Street's estimates for second-quarter revenue and lowered its full-year guidance. The San Jose, California-based company also slashed its full-year revenue guidance, which it attributed to product integration, pricing initiatives that they said would be implemented later, and currency pressures. PayPal is now looking for full-year revenue of between $17.6 billion and $17.8 billion. The new range is well below Wall Street's expected $17.92 billion. PayPal also projected lower revenue growth of between 14% to 15% — a percentage point below the previous range.
Payment volume for PayPal's popular peer-to-peer payment app was also lighter than expected for the quarter, coming in at $24 billion compared with the $28 billion analysts had expected. Last quarter, PayPal announced that the app had 40 million users. Analysts have been watching closely for when Venmo will become profitable for its parent company.
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