PayPal Holdings Inc shares traded higher Wednesday even after the company lowered its full-year profit outlook, signaling that payments volumes could take a hit from surging inflation and the conflict in Ukraine.
Still, the company reported a modest increase in revenue and user growth, appearing to quell some investor fears. Its shares traded 5% higher after the market closed.
The company said it expects adjusted profit between $3.81 and $3.93 on a per share basis, down from its previous forecast of $4.60 to $4.75.
In a conference call with analysts, Chief Executive Officer Dan Schulman said the company was withdrawing its medium-term outlook as both e-commerce penetration and macroeconomic conditions presented challenges.