PayPal has reported its Q4 2023 earnings, with a total revenue increase of 9% compared to the previous year, reaching $8.026 billion. The net profit, according to GAAP, stood at $1.402 billion. The platform saw a 15% increase in total payment volume, reaching $409.832 billion.
The number of transactions also rose by 13% to 6.8 billion. On average, over the past 12 months, there were 58.7 transactions per account. However, the number of active accounts decreased to 426 million.
In a recent announcement, PayPal revealed a 9% reduction in its global workforce. Alex Chriss, the new CEO who joined from Intuit, outlined plans to enhance profitability and expand AI-driven services throughout the quarter.
In summary, PayPal reported a 9% revenue growth, reaching $8.026 billion in Q4 2023. The platform also experienced a 15% increase in total payment volume, reaching $409.832 billion. The company made organizational changes and aimed to improve profitability by increasing AI-driven services.
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