KONTAN.CO.ID - JAKARTA. PayPal Holdings PYPL.O added nearly $4 billion to its market value after a pledge to turn "leaner" fired up investors, even as the payments giant disclosed a subpoena from the U.S. Securities and Exchange Commission tied to its stablecoin. The company's shares climbed nearly 7% to $55.12 on Thursday as a strong full-year profit forecast also calmed market jitters about a spending slowdown. "Simply put, our cost base remains too high," the company's new CEO, Alex Chriss, said on Wednesday, adding that PayPal would align its resources to its "most profitable growth priorities."
PayPal Stock Surges as Pledge to Turn "Leaner" Keeps Crypto Concerns at Bay
KONTAN.CO.ID - JAKARTA. PayPal Holdings PYPL.O added nearly $4 billion to its market value after a pledge to turn "leaner" fired up investors, even as the payments giant disclosed a subpoena from the U.S. Securities and Exchange Commission tied to its stablecoin. The company's shares climbed nearly 7% to $55.12 on Thursday as a strong full-year profit forecast also calmed market jitters about a spending slowdown. "Simply put, our cost base remains too high," the company's new CEO, Alex Chriss, said on Wednesday, adding that PayPal would align its resources to its "most profitable growth priorities."