PayPal Shares Surge on Higher Forecast for Profit, Buybacks

PayPal Holdings Inc. shares jumped the most in more than 20 months after the payments company boosted its forecast for profit and increased its buyback plan.

“We are making steady progress on our strategic transformation,” Chief Executive Officer Alex Chriss, who has been working to streamline operations, said in a statement Tuesday.

PayPal now predicts adjusted earnings per share will increase in the “low- to mid-teens” this year, up from a previous forecast of “mid- to high-single-digit” growth, the San Jose, California-based company said in a presentation. It also expects full year EPS of $3.88 to $3.98, up ...