PayPal will ‘shock the world’: CEO Alex Chriss

PayPal Holdings Inc (NASDAQ: PYPL) has been a big disappointment for investors in recent years but Alex Chriss – its new chief executive says the payments giant is now set to “shock the world”.

PayPal CEO remains hawkish

His remarks follow at least four downgrades from Wall Street analysts since the start of 2024.

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Speaking with CNBC on Wednesday, CEO Chriss agreed that innovation has been rather slow at PayPal over the past two years but said:

It is very clear what we need to do. 2024 will be a transition year for us. It’ll be all about execution and it starts with innovation.

Details of exactly what he has in mind in terms of innovation will be revealed on the company’s innovation day scheduled for January 25th.

PayPal Holdings will leverage AI

CEO Alex Chriss also called on the need for PayPal to leverage artificial intelligence to “improve conversion rates” in pursuit of a healthier bottom line.

The financial technology company will “move away from some businesses” this year as it has made “too many acquisitions” in recent years, he added.

All in all, the chief executive said he has laid out “five key priorities” aimed at profitable growth from here on out. PayPal Holdings Inc is expected to earn $1.05 a share in its current financial quarter versus $1.01 per share a year ago.

Wall Street has a consensus “overweight” rating on $PYPL even after the downgrades over the past few weeks.

Watch here: https://www.youtube.com/embed/S0-RgLwsf2I?feature=oembed

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