SAN JOSE, Calif., Feb. 27, 2020 /PRNewswire/ -- PayPal
Holdings, Inc. (NASDAQ: PYPL) has been carefully assessing the
effect of COVID-19 as conditions continue to evolve. We are
prioritizing the health and safety of our employees and supporting
those in need. Our thoughts continue to be with the communities and
individuals affected by this disease.
PayPal's business trends remain strong; however, international
cross-border e-commerce activity has been negatively impacted by
COVID-19. We currently estimate the negative impact from
COVID-19 to be an approximate one percentage point reduction, on
both a spot and foreign currency-neutral basis, to PayPal's
year-over-year revenue growth for the first quarter, as compared to
the revenue guidance provided on January
29, 2020.
Stronger performance quarter-to-date across our diversified
business is partially offsetting this one percentage point negative
impact. We now expect to report first quarter 2020 revenue towards
the lower end of our previously guided range of $4.78 - $4.84
billion. We are reaffirming our first quarter 2020 GAAP and
non-GAAP EPS guidance.
At this time, the duration of COVID-19's impact is difficult to
estimate. We are continuing to closely monitor this evolving
situation. We will provide further updates on our first quarter
earnings call in April.
About PayPal
PayPal has remained at the forefront of
the digital payment revolution for more than 20 years. By
leveraging technology to make financial services and commerce more
convenient, affordable, and secure, the PayPal platform is
empowering more than 300 million consumers and merchants in more
than 200 markets to join and thrive in the global economy. For more
information, visit paypal.com.
Forward-looking statements
This press release contains
forward-looking statements relating to, among other things, the
future results of operations, financial condition, expectations,
and plans of PayPal Holdings, Inc. and its consolidated
subsidiaries that reflect PayPal's current projections and
forecasts. Forward-looking statements can be identified by words
such as "may," "will," "would," "should," "could," "expect,"
"anticipate," "believe," "estimate," "intend," "strategy,"
"future," "opportunity," "plan," "project," "forecast," and other
similar expressions. Forward-looking statements include, but are
not limited to, statements regarding projected financial results
for the first quarter and full year 2020 and projected future
growth of PayPal's businesses. Forward-looking statements are based
upon various estimates and assumptions, as well as information
known to PayPal as of the date of this press release, and are
inherently subject to numerous risks and uncertainties, including
uncertainties around the duration and severity of the novel
coronavirus (COVID-19) outbreak. Accordingly, actual results could
differ materially from those predicted or implied by
forward-looking statements.
For information about factors that could adversely affect
PayPal's results of operations, financial condition and prospects,
or that could cause actual results to differ from those expressed
or implied in forward-looking statements is included under the
captions "Risk Factors" and "Management's Discussion and Analysis
of Financial Condition and Results of Operations" in PayPal's most
recently filed annual report on Form 10-K and its subsequent
quarterly reports on Form 10-Q, copies of which may be
obtained by visiting PayPal's Investor Relations website at
https://investor.paypal-corp.com or the SEC's website at
www.sec.gov. All information in this release speaks as
of February 27, 2020. For the reasons discussed above, you
should not place undue reliance on the forward-looking statements
in this press release. PayPal assumes no obligation to update such
forward-looking statements.
Contacts
Investor Relations
Contacts
Gabrielle
Rabinovitch
grabinovitch@paypal.com
Akila Moorthy
amoorthy@paypal.com
Media Relations Contact
Josh
Criscoe
jcriscoe@paypal.com
646.667.5065
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SOURCE PayPal Holdings, Inc.