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Apex Trader Funding (ATF) - News

PayPal raises full-year profit above estimates on e-commerce strength, cost cuts

PayPal Holdings Inc on Monday raised its annual profit forecast to above Wall Street estimates, buoyed by its higher quarterly profit as margins improved on cost-cut measures and as consumers undeterred by inflationary pressures keep shopping online. While a cost-of-living crisis has now begun to squeeze budgets, particularly of lower income households, consumer spending has remained remarkably steady in the face of a looming economic slowdown. The upbeat forecast echoes expectations of card giants Visa and Mastercard that have remained largely upbeat about spending volumes on pent-up travel demand and resilient consumer spending.