PayPal COO Responds to Company's Break-Up with eBay
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.
Adam Bry, co-founder and CEO of drone manufacturer Skydio, joined Cheddar News to discuss the company's latest funding round and the Russia-US drone collision.
Credit Suisse saw its shares stabilize after the Swiss National Bank approved a loan of nearly $54 million for the company. A top investor notified Credit Suisse on Wednesday that it wouldn't be able to provide further assistance to the lender.
Cheddar News breaks down what surge pricing is and how it works as a variety of businesses are taking notes from models long used by airlines and ridesharing companies to boost profits.
Fewer Americans applied for jobless claims last week as the labor market continues to thrive despite the Federal Reserve's efforts to cool the economy and tamp down inflation.
Stocks rallied after a group of big banks offered a lifeline to the bank Wall Street had zeroed in on in its hunt for the next victim in the industry’s struggles.
The Federal Reserve on Wednesday evening said its long-awaited digital payment system, the FedNow Service, will start operating in July. The service is designed to provide a national platform for financial institutions to settle payments in real-time and at lower cost. That could include large banks, payment processors, and the U.S. Treasury.
