PayPal Leaves the Nest
July 20, 2015
PayPal began publicly trading on the Nasdaq today under the symbol PYPL as a separate entity from former parent eBay after the companies officially split on Friday. During its last earnings call with eBay on Thursday, PayPal reported its Q2 revenue increased 19 percent from the same quarter last year to $2.3 billion and active accounts increased to 169 million from 165 million at the end of March. Later in the call CEO Dan Schulman gave listeners some indication of where the company is headed as it finally goes it alone.
“We see ourselves as a mobile-first platform and the majority of our development efforts continue to support our innovation across mobile payments and digital commerce,” Schulman said. “Being a trusted way to pay in today’s most popular apps is helping to drive this increase in mobile engagement across not only online and in app, but importantly we are seeing the very beginning of our in-store strategy play out. PayPal continues to make very strong inroads with leading mobile players. We are now live with 67 percent of the top 100 mobile merchants.”
Schulman said he wants to leverage PayPal’s position as a major online and in-app payment method to grow both its in-store solution to compete with Apple Pay and Venmo, its popular P2P solution to “create a value proposition that inspires the average PayPal customer to use our app two to three times a week versus the two to three times per month they use PayPal today.”