PayPal Holdings (PYPL) on Thursday plans to host an online presentation to tout new innovations the company plans to bring to market in 2024. The fourth quarter earnings report for PYPL stock is slated for Feb. 7.
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New Chief Executive Alex Chriss announced the innovation event during an interview on CNBC last week. Chriss and PayPal’s new chief financial officer, Jamie Miller, are expected to issue conservative 2024 guidance on Feb. 7.
On the stock market today, PYPL initially rose, then fell 3.2% to close at 63.74. PayPal stock has gained 4% in 2024 after falling 14% last year.
San Jose, Calif.-based PayPal has evolved from an online checkout site to a mobile shopping and person-to-person payments site. Under Chriss, PayPal aims to expand “PayPal Complete Payments” services in the small- and medium-size business market. Chriss, a former Intuit (INTU) executive, took over as CEO in September.
PYPL Stock: AI Data Push Coming?
RBC Capital analyst Daniel Perlin speculated on the innovation event in a report.
“Given the artificial intelligence-driven commentary during a CNBC interview, it’s clear to us that they will showcase the key data assets the company has, starting with its 430 million active accounts, of which 35 million are merchant accounts and specifically demographically attractive users in Venmo,” Perlin said.
He added: “As part of these data assets, the CEO mentioned using AI to improve authorization rates for its merchants, while also calling out that advertising costs for SMBs have increased in recent years. At a high level, we believe they will bring together a solution that pulls together its two-sided ecosystem in a manner that looks and feels more like an e-commerce platform vs. just a separate and siloed set of data assets (consumers on one side and merchants on the other).”
PYPL stock holds a Relative Strength Rating of only 43 out of a best-possible 99.
Follow Reinhardt Krause on X, formerly called Twitter, @reinhardtk_tech for updates on artificial intelligence, cybersecurity and cloud computing.
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