Venmo is a PayPal payment tool and social platform, that supports web pages, provides local payment services, convenient and friends split bills, but also convenient online and brick-and-mortar shopping payment, the use of similar to the domestic WeChat Pay.

The launch is part of PayPal’s efforts to further expand its digital payments ecosystem. PayPal also recently launched a new service called PayPal Pay, which enables users to make contactless payments in-store.

PayPal reports that a 2022 survey found that 42% of Americans have used a mobile wallet, and highlights how Apple Pay allows users to pay with their PayPal card to “make purchases quickly and easily” while remaining secure.

Usage is no different from a regular credit or debit card, as users open Apple Wallet and tap the + button, then select the option to add a “debit or credit card” and add it either by scanning it or by manually entering the card number information, which PayPal says will also be able to be added to Apple Wallet directly in the app in the future.

When paying with Apple Pay, users can earn 2 percent back on purchases made with a PayPal credit card, earn PayPal points to redeem for cash or other rewards on purchases made with a PayPal debit card, and earn up to 3 percent back on purchases made with a Venmo debit card at participating businesses. 3%.

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Recently, Keith Rabois, co-founder of online payment company PayPal and current CEO of OpenStore, wrote that most laid-off workers in the technology industry are “pretending to work” when in fact these jobs don’t matter at all.

Image source Pexels

Rabois said big tech companies hired too many people to pursue the “vanity” of their surging workforce. To appear stronger than their competitors, they bring in mediocre, spoiled employees and prevent those people from achieving anything useful over their competitors. “All of these people are irrelevant and have been for a long time,” LaBois said.

Rabois accused thousands of Google and Meta employees of essentially “eating and dying” and doing nothing. He said: “These people have nothing to do but pretend to work. Now the truth has been exposed, what these people are actually doing, they only know meetings every day.”

LaBois’ views have been backed by many wealthy investors and founders. Thomas Siebel, CEO of AI company C3.ai, said: “When working from home, some people really don’t do anything. If you want to work from home, like four days in pajamas, go to Facebook to work. Bar!”

In LaBois’s view, pretending to work means always having meetings. For his one-time founding partner Elon Musk, that meant employees weren’t in the office or working. For investor Marc Andreessen, the quintessential fake worker is the “laptop class.”

Investor David Sacks is a friend of Elon Musk’s and another member of the so-called “PayPal Mafia.” Last August, he posted a comment on one such video asking, “Is anyone still working?” Elon Musk responded with a dumbfounding emoji.

In terms of layoffs, Elon Musk has always been regarded as the most outspoken and ruthless CEO. He asked employees to promise to work harder at the beginning of his takeover of Twitter and prioritized engineers in areas such as policy, marketing and law. rather than ordinary employee interests.

One critic of Rabois said: “Probably some greedy VC trying to drive down wages. I’ve worked at a few companies that were supposed to be good at work-life balance, but in reality everyone had a lot of money. work to do.”

Pretending to work is out of the question in most startups, according to one investor. Says investor Eugene Malobrodsky: “It’s easy to get lost in a big company, but for a startup it’s impossible to get away with pretending to work. I think a lot of people are pretending.” Work is a misnomer, especially when companies have already deployed monitoring tools.”

But while not publicly agreeing with LaBois, Elon Musk, Andreessen, Siebel, and Sachs, it’s clear that other tech CEOs are following Elon Musk’s lead.

Last November, Meta laid off more than 11,000 people, with about 70% of the layoffs occurring in departments such as recruiting, product, marketing, operations, design and sales, according to the MetaMates Talent Directory. The MetaMates Talent Directory is a data table created by Meta employees to track job cuts. Only 22% of layoffs came from engineering teams.

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Dan Schulma became PayPal’s CEO in 2015 after the company split from eBay.

He informed the company of his decision to retire at the end of December, but he will remain a member of PayPal’s board of directors. In response, PayPal said it is hiring an executive search firm to find a successor.

“I am proud of what we have accomplished at PayPal and of the talented and dedicated people I work with every day,” Shulman said in a statement, “Together we have reimagined financial services and e-commerce and worked to improve the financial health for our customers.”

PayPal’s stock price has risen about 130 percent since its separation from eBay in 2015. But the company’s market capitalization has evaporated by about three-quarters since the stock’s peak in July 2021.

In late January, PayPal said it would cut 2,000 jobs, or 7 percent of the company’s workforce. Dan Schulman said in a statement at the time that PayPal was dealing with a “challenging macroeconomic environment.

Last summer, activist investor Elliott Management amassed an undisclosed stake in PayPal. At the time, Shulman said he did not feel any pressure from Elliott. “We really haven’t talked much in the past quarter,” Dan Schulman said.

“Jesse and I are good friends,” he said, referring to Jesse Cohn, managing partner of Elliott Management. “I’m sure the news will come as a surprise and a shock, because he’s always been so supportive.”

Dan Schulman added that PayPal’s “board is just trying to find the best person for the job,” and said it would “look throughout the company and outside. He said PayPal is “in good shape” and “well positioned for a year of strong growth,” adding that the board has plenty of time to find a successor.

DanSchulman said, “The timing is right. It was able to make sense.”

PayPal’s announcement of Dan Shulman’s impending departure coincided with the company’s fourth-quarter earnings report. The company said fourth-quarter net income rose 7 percent year over year to $7.4 billion. The company’s stock fell to $77.99 in after-hours trading.

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PayPal explained that the crash attack took place between December 6 and December 8, 2022. The company discovered and mitigated the attack at the time, but also began an internal investigation to find out how the hackers gained access to the accounts.

PayPal concluded its investigation on 20 December 2022, confirming that an unauthorized third party had logged into the account using valid credentials.

PayPal said its investigation into the crash attack found no evidence that it was caused by a system vulnerability and no evidence that the attackers stole this user information directly from PayPal.

PayPal’s data breach report shows that a total of 34,942 users were affected by the incident. Over the course of two days, the hackers obtained account holders’ full names, dates of birth, postal addresses, social security numbers and personal tax numbers.

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Keane notes that PayPal’s global adoption rate is down 8 percent year-over-year. Apple Pay and PayPal now account for 5 percent and 16 percent of global e-commerce purchases, respectively.

According to Adobe, $6.3 billion was spent on this year’s Cyber Monday event as of 6 p.m. ET, and Adobe puts this year’s Cyber Monday on track to set a new record at $11.2-11.6 billion.

According to Mastercard SpendingPulse, Black Friday U.S. retail sales (excluding autos) were up 12 percent year-over-year, which was below Mastercard’s 15 percent growth forecast.

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PayPal’s second-quarter revenue and adjusted earnings per share both beat Wall Street analysts’ expectations, driving its shares up more than 11 percent after hours.

Key Results.

For the quarter ended June 30, PayPal reported a net loss of $341 million, compared to net income of $1.184 billion for the same period a year earlier, which equates to a 129 percent year-over-year decline; and a diluted loss per share of $0.29, compared to diluted earnings per share of $1.00 for the same period a year earlier.

Excluding certain one-time items (not in accordance with U.S. GAAP), PayPal reported an adjusted net income of $1.079 billion for the second quarter, down 21 percent from $1.362 billion a year earlier, and adjusted diluted earnings per share of $0.93, down 19 percent from $1.15 a year earlier, but the results beat analysts’ previous expectations. According to data provided by Yahoo Finance, 38 analysts on average expected PayPal’s second-quarter earnings per share to reach $0.86.

PayPal’s net revenue for the second quarter was $6.806 billion, up 9 percent compared with $6.238 billion a year earlier, and up 10 percent year-over-year excluding the impact of currency changes, which also exceeded analysts’ previous expectations. According to data provided by Yahoo Finance, 36 analysts on average expected PayPal’s second-quarter revenue to reach $6.79 billion.

PayPal’s total payment volume (TPV) for the second quarter was US$339.791 billion, up 9 percent compared with US$310.992 billion in the same period last year, and up 13 percent excluding the impact of currency changes.

PayPal’s total operating expenses for the second quarter were $6.042 billion, compared with $5.111 billion in the same period last year. Of this total, transaction expenses were $3.044 billion, compared with $2.524 billion in the prior year quarter; transaction and credit losses were $448 million, compared with $169 million in the prior year quarter; customer support and operations expenses were $536 million, compared with $521 million in the prior year quarter; sales and marketing expenses were $595 million, compared with Technology and development expenses were $815 million, compared with $746 million in the prior-year period; general and administrative expenses were $514 million, compared with $522 million in the prior-year period; and restructuring and other expenses were $90 million, compared with $1 million in the prior-year period.

PayPal’s operating profit for the second quarter was $764 million, compared with $1.127 billion a year earlier, a decrease of 32 percent. Excluding certain one-time items (not in accordance with GAAP), PayPal’s adjusted operating profit for the second quarter was $1.302 billion, compared to $1.654 billion in the same period last year, a decrease of 21 percent, and PayPal’s operating margin for the second quarter was 11.2 percent, down 684 basis points from 18.1 percent in the same period last year. Excluding certain one-time items (not in accordance with U.S. GAAP), PayPal’s second-quarter adjusted operating margin was 19.1 percent, down 738 basis points from 26.5 percent in the prior-year quarter.

PayPal’s second quarter effective tax rate was 795.9 percent, up 783.2 percentage points from 12.7 percent in the prior-year quarter. Excluding certain one-time items (not in accordance with GAAP), PayPal’s adjusted effective tax rate for the second quarter was 14.3 percent, down 0.6 percentage points from 14.9 percent in the prior-year quarter.

Other Financial Information and Performance Metrics.

PayPal’s second-quarter operating cash flow was $1.466 billion, up 12 percent from $1.306 billion in the year-ago quarter, and free cash flow was $1.291 billion, up 22 percent from $1.059 billion in the year-ago quarter.

As of June 30, 2022, PayPal held cash and cash equivalents and investments totaling $15.6 billion. As of June 30, 2022, PayPal’s total debt was $10.6 billion. During the second quarter, PayPal repurchased approximately 8 million shares of common stock and returned $750 million in cash to shareholders.

PayPal added 400,000 new active user accounts in the second quarter, bringing the total number of active accounts to 429 million, up 6 percent year-over-year. During the second quarter, PayPal processed 5.5 billion transactions, up 16 percent year-over-year. Over the past 12 months, PayPal processed 48.7 transactions per active account, an increase of 12 percent compared to the same period last year.

Performance Outlook.

Third-quarter earnings outlook.

PayPal expects net revenue for the third quarter of fiscal 2022 to reach $6.80 billion, up 10 percent year-over-year, or 12 percent year-over-year excluding the impact of currency movements, but missing analysts’ expectations; earnings per share are expected to reach $0.61 to $0.63, compared with $0.92 a year ago; adjusted earnings per share, excluding GAAP, are expected to reach $0.94. Earnings are expected to range from $0.94 to $0.96 per share, compared to $1.11 per share in the same period last year, reflecting an adjustment of approximately $450 million, primarily representing an estimated equity award expense of approximately $320 million and related employer compensation taxes, an outlook that also fell short of expectations.

According to data provided by Yahoo Finance, 36 analysts on average expected PayPal’s third-quarter revenue to reach $7.02 billion and 38 analysts on average expected PayPal’s third-quarter adjusted earnings per share to reach $0.97.

Full-year earnings outlook.

PayPal expects the company’s full-year fiscal 2022 total payments to increase by 12 percent year-over-year and 16 percent year-over-year excluding the impact of currency movements; net revenue to reach $27.85 billion, up 10 percent year-over-year and 11 percent year-over-year excluding the impact of currency movements, missing analysts’ expectations; and earnings per share expected to reach $1.52 to $1.62 Adjusted earnings per share, excluding GAAP, are expected to range from $3.87 to $3.97, compared to $4.60 a year ago, reflecting an adjustment of approximately $2.1 billion, primarily representing estimated equity award expense of approximately $1.5 billion and related employer compensation taxes, an outlook that exceeded analysts’ expectations. This outlook exceeded analysts’ expectations.

According to data provided by Yahoo Finance, 48 analysts on average expect PayPal’s full-year revenue to reach $28.18 billion and 46 analysts on average expect PayPal’s full-year adjusted earnings per share to reach $3.85.

Stock Price Movement.

On the same day, PayPal shares rose $1.06, or 1.20 percent, to close at $89.63 in regular trading on the Nasdaq. In subsequent after-hours trading through 5:25 p.m. ET on the 2nd (5:25 a.m. GMT on the 3rd), PayPal shares rose another $10.26, or 11.45 percent, to $99.89. In the past 52 weeks, PayPal’s high price was $296.70 and its low price was $67.58.

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