Press release
PayPal Updates First Quarter 2020 Revenue Outlook Based on Coronavirus Impact
SAN JOSE, Calif., Feb. 27, 2020 /PRNewswire/ -- PayPal Holdings, Inc. (NASDAQ: PYPL) has been carefully assessing the effect of COVID-19 as conditions
About this update from Paypal Holdings, Inc.
[{"type":"text","content":"SAN JOSE, Calif., Feb. 27, 2020 /PRNewswire/ -- PayPal Holdings, Inc. (NASDAQ: PYPL) has been carefully assessing the effect of COVID-19 as conditions continue to evolve. We are prioritizing the health and safety of our employees and supporting those in need. Our thoughts continue to be with the communities and individuals affected by this disease.\n\n \n \n\n \nPayPal's business trends remain strong; however, international cross-border e-commerce activity has been negatively impacted by COVID-19. We currently estimate the negative impact from COVID-19 to be an approximate one percentage point reduction, on both a spot and foreign currency-neutral basis, to PayPal's year-over-year revenue growth for the first quarter, as compared to the revenue guidance provided on January 29, 2020. \nStronger performance quarter-to-date across our diversified business is partially offsetting this one percentage point negative impact. We now expect to report first quarter 2020 revenue towards the lower end of our previously guided range of $4.78 - $4.84 billion. We are reaffirming our first quarter 2020 GAAP and non-GAAP EPS guidance. \nAt this time, the duration of COVID-19's impact is difficult to estimate. We are continuing to closely monitor this evolving situation. We will provide further updates on our first quarter earnings call in April. \nAbout PayPalPayPal has remained at the forefront of the digital payment revolution for more than 20 years. By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform is empowering more than 300 million consumers and merchants in more than 200 markets to join and thrive in the global economy. For more information, visit paypal.com.\nForward-looking statementsThis press release contains forward-looking statements relating to, among other things, the future results of operations, financial condition, expectations, and plans of PayPal Holdings, Inc. and its consolidated subsidiaries that reflect PayPal's current projections and forecasts. Forward-looking statements can be identified by words such as \"may,\" \"will,\" \"would,\" \"should,\" \"could,\" \"expect,\" \"anticipate,\" \"believe,\" \"estimate,\" \"intend,\" \"strategy,\" \"future,\" \"opportunity,\" \"plan,\" \"project,\" \"forecast,\" and other similar expressions. Forward-lookin...