PayPal Bought Too Much, Will Focus on Profitability, CEO Says

PayPal Holdings Inc. completed too many acquisitions over the past few years and will now prioritize profitable growth, including at its Venmo business, Chief Executive Officer Alex Chriss said.

Shares of the payments giant have plunged almost 30% over the past year as earnings faltered and the company lowered its full-year guidance for adjusted operating margin. While PayPal has also been helped by resilient consumer spending, Chriss said the company will look to move away from unprofitable businesses.

“There hasn’t been a lot to celebrate” over the past few years, Chriss said Wednesday in a CNBC interview.

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