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.
Alia Kemet, vice president of creative and digital at McCormick, joins Cheddar News to discuss Frank's RedHot releasing an edible NFT ahead of the Super Bowl.
Xiaohua Yang, professor of international business and director of the China Business Studies Initiative at the University of San Francisco, joins Cheddar News to talk about the history of Lunar New Year.
Fundrise is an investment platform that allows its users to access a diversified portfolio of real estate investments. The company found more than 70 percent of 1,000 Gen Z and Millenial investors surveyed were concerned about inflation and 66 percent were putting their money in real estate, venture capital, and crypto as a safety net. Ben Miller, CEO and co-founder of Fundrise, joined Cheddar to talk about providing retail investors access to the previously difficult-to-access private real estate markets. "I think there's there's an understanding in society that real estate is where you go when there's high inflation," Miller said.
In January alone, the gaming sector has seen three major acquisitions. Yesterday, Sony added to the flurry of M&A activity in the gaming space, snatching up game developer 'Bungie' for $3.6 billion dollars. Renee Gittins, executive director at the International Gaming Developers Association, joins Cheddar News to discuss.
General Motors reported its Q4 earnings Tuesday. While chip shortages impacted sales and revenue last quarter, Paul Jacobson, GM Chief Financial Officer, told Cheddar chip availability has gotten better since Q3. This is crucial as GM has pivoted its focus toward electric vehicles. It recently announced it will be building a new battery plant in Michigan, making $35 billion in EV investments, and producing a million electric vehicles by 2025.
