PayPal posted better-than-expected results, but news that eBay is abandoning the company in favor of a smaller European competitor caused the stock to fall. Bill Ready, COO of PayPal, joined us to explain why he thinks investors are misunderstanding the news.
Ready says PayPal will retain a majority of eBay’s volume with the deal it did for PayPal branded checkout. He also said the primary part of PayPal's business was actually expanded with eBay. Ready added that investors may be getting it wrong because this kind of news takes time to digest.
EBay explained that its decision to integrate Adyen's payment processor would result in lower costs and more control for its merchants. Ready responded by highlighting all the long-term partnerships the company has with Airbnb, Facebook, Google, Apple, and Uber.
Venmo has been a solid source of growth for PayPal, processing $10.4 billion in payments in just the fourth quarter. Ready said that now more than 2 million retailers are able to accept payments from Venmo. Many people have said Apple Pay Cash is going to be a Venmo-killer. Ready said the rush of competitors into the digital payments space hasn't stopped Venmo's business from accelerating.
President Joe Biden on Monday will sign a sweeping executive order to guide the development of artificial intelligence — requiring industry to develop safety and security standards, introducing new consumer protections and giving federal agencies an extensive to-do list to oversee the rapidly progressing technology.
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Big Business This Week is a guided tour through the biggest market stories of the week, from winning stocks to brutal dips to the facts and forecasts generating buzz on Wall Street.
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