Digital payments pioneer PayPal once again cut back its growth goals for this year, and beyond, when it reported first-quarter earnings Wednesday.
The San Jose-based company told analysts on the earnings conference call that the macroeconomic environment, including inflation, the COVID-19 pandemic and supply chain constraints, will mean PayPal doesn’t boost business as fast as it had predicted.
In February, when the company’s executives reported fourth-quarter results, they disclosed PayPal won’t achieve a prior goal of reaching 750 million active users by 2025, noting it ended last year with 426 million. In tandem, they cut back earlier revenue growth projections for this year to between 15% and 17%, from about 18%.
