PayPal still sees benefit from Uber partnership

|About: PayPal Holdings, Inc. (PYPL)|By:, SA News Editor

PayPal (PYPL +2.8%) sees its investment in Uber Technologies (NYSE:UBER) as a broader commercial pact that will continue to be beneficial, PYPL Chief Operating Officer Bill Ready stated at the JPMorgan conference in Boston.

The payment tech firm invested $500M in Uber at its IPO price of $45 per shares; since then, Uber has fallen about 14%.

On its peer-to-peer payment app, "we fell great about the way Venmo is growing," he said and adds there's room for more than one company to succeed in P2P payments.

While PayPal has a close working relationship with Facebook on new projects, there's nothing new to announce at this time, Ready said.

Source: Bloomberg First Word.

Previously: PayPal shares `should have another leg up' - BTIG (May 6)

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