US Stock Market News | Q4 Revenue Outlook Slightly Below Expectations, PayPal Falls Over 6%

On Tuesday, PayPal opened lower and fluctuated underwater. As of the time of writing, it fell more than 6%, trading at $78.17. On the news front, the third-quarter performance showed that PayPal's Total Payment Volume (TPV) increased by about 9% year-on-year, reaching $422.6 billion, exceeding analysts' general forecast of $421.6 billion. The overall revenue for the third quarter was approximately $7.85 billion, a 6% year-on-year increase, but slightly below analysts' expectations. The company's fourth-quarter revenue outlook is slightly below Wall Street analysts' general expectations. The latest outlook indicates that the overall revenue growth in the last three months of this year will be in the "low single digits" range (i.e., below 5%), while analysts had previously expected a growth of 5.4%. PayPal CEO Alex Krieger had previously stated that a proposed plan would no longer allow customers to use PayPal's various technologies for free, but this will take time and may mean a slowdown in revenue growth