PayPal shares jump after it reveals $2 bln stake held by Elliott, announces new CFO (updated)

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02/08/2022 21:31

(Adds shares, revenue)
    Aug 2 (Reuters) - PayPal Holdings  PYPL.O  said on Tuesday
Elliott Investment Management has an over $2 billion investment
in the company, making the activist investor one of the largest
shareholders in the fintech firm.
    Paypal's shares extended gains after the bell, rising as
much as 11.8%.
    The company also announced a slew of moves including
appointing Blake Jorgensen as Paypal's new chief financial
officer and a new $15 billion repurchase program. Blake, who
takes over the role on Wednesday, joins PayPal from Electronic
Arts  EA.O . 
    PayPal has "an unmatched and industry-leading footprint
across its payments businesses," said Jesse Cohn, a managing
partner at Elliot, a day after the investment firm disclosed a
similar stake in Pinterest Inc  PINS.N .  urn:newsml:reuters.com:*:nL4N2ZD3W9
    PayPal, which was among companies that won big during the
pandemic, saw shares wipe out over 70% of their market value in
a year as e-commerce growth retreated from pandemic-era records.
    The company earned a profit of 93 cents for the three months
ended June 30, lower than $1.15 per share a year earlier.
    PayPal's revenue rose 10% on an FX neutral basis to $6.8
billion as payment volumes leapt 13%. 
    


 (Reporting by Mehnaz Yasmin in Bengaluru; Editing by Krishna
Chandra Eluri)
 ((Mehnaz.Yasmin@thomsonreuters.com;))