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PayPal chief defends long-term strategy after sales miss

Published Thu, Oct 29, 2015 · 09:50 PM
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Seattle

PAYPAL Holdings Inc chief executive officer Dan Schulman defended his strategy of inking deals with big merchants and smartphone app providers, and offering free peer-to-peer payments as investors sent shares down on concerns the efforts are hurting the company's quarterly profit.

PayPal, in its first quarter as a stand-alone company separate from eBay Inc, said that it added four million accounts to reach 173 million users. Its total payments volume gained 20 per cent to US$69.7 billion from a year earlier.

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