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PayPal $PYPL Q1 2023 Earnings Analysis
Revenue: $7.04 billion +9% YoY
Operating Income: $1.0 billion +41% YoY
EPS: 0.70 +61% YoY
Total Payment Volume (TPV): $354.5 billion +10% YoY
- reaccelerating from 5% in Q4 2022 and the largest increase since Q1 2022 (13%)
Transactions: 5.8 billion +13% YoY
Total Active Accounts: 433 million +1% YoY
- slowest growth in history
- declined 0.5% QoQ -> part of strategy to focus on driving high-value accounts and eliminating unprofitable
Free cash flow: $1.0 billion -3% YoY
$1.4 billion worth of share repurchases during quarter
Guidance
Revenue: +6.5-7% YoY
EPS: 0.81-0.83 vs (0.29) YoY
Overall
Ok quarter for $PYPL
Positive: TPV growth reaccelerating
Negative: Decline in Total Active Accounts despite the focus on profitable accounts is not sustainable long-term
Schulman not the man to turn this, need to get a new CEO in fast before he retires at the end of 2023
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