According to Bloomberg, PayPal announced on May 5 a cost-cutting initiative targeting at least $1.5 billion in savings over the next two to three years under new CEO Enrique Lores, as the fintech company faces intensified competition.
The company reported first-quarter adjusted earnings per share of $1.34, exceeding analyst estimates of $1.27, while transaction margin dollars increased 3% to $3.81 billion.
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