PayPal Holdings, Inc. (PYPL) Presents at UBS 50th Annual Global TMT Conference

Dec. 07, 2022 5:14 PM ETPayPal Holdings, Inc. (PYPL)
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PayPal Holdings, Inc. (NASDAQ:PYPL) UBS 50th Annual Global TMT Conference December 7, 2022 11:40 AM ET

Company Participants

Dan Schulman - President and Chief Executive Officer

Conference Call Participants

Rayna Kumar - UBS

Rayna Kumar

Good afternoon, everyone. I'm Rayna Kumar, and I lead US payment processors and IT services research at UBS. And today, I am joined by President and CEO of PayPal, Dan Schulman. Dan, thanks for joining us today.

Dan Schulman

Thank you.

Question-and-Answer Session

Q - Rayna Kumar

Great. Well, if you could start, companies are currently operating in and working through a difficult and rapidly changing macro environment. We've heard how PayPal is adapting to this environment with the work you are doing on reprioritizing your strategic initiatives and the progress you're making on cost savings initiatives. How do you feel your efforts are going so far?

Dan Schulman

Great question. So first of all, good to see everybody on -- happy holidays, everyone. So actually, kind of, really no surprises as kind of I've seen results come in. I think we all know it's a very difficult macro environment. I look at the history of e-commerce over time. And if you look at between 2015 and 2018, that four-year period, e-commerce was growing in the mid-teens, pretty consistently. If you then go to 2019, it dropped 13% and then the pandemic hit and bounced up to 33% during the holiday period, November and December. Last year, that dropped down to 9%. And this year, our prediction as it was going to come in somewhere flat to maybe up a basis point or two.

And I think that's what happened to the holiday period so far. Adobe came out, predicted about 2.5% e-commerce growth, Salesforce just came out with their numbers, global e-commerce for the month of November, negative 2% and the

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