Summary by Futu AI
PayPal Holdings, Inc. reported a robust financial performance for the year ended December 31, 2023. The company saw an 8% increase in net revenues, reaching $29.77 billion, up from $27.52 billion in 2022. Operating income surged by 31% to $5.03 billion, compared to $3.84 billion the previous year. This growth was attributed to revenues outpacing operating expenses. Net income experienced a significant 76% jump to $4.25 billion, while diluted earnings per share rose by 84% to $3.84. Operating expenses saw a moderate 4% rise to $24.74 billion. PayPal's operating margin improved from 14% in 2022 to 17% in 2023, reflecting gains from operating efficiencies and the sale of a divested business. The company's total payment volume (TPV) increased by 13%, driving transaction revenue growth. However, net cash provided by operating activities decreased by 17% to $4.84 billion. PayPal's business...Show More