PayPal CEO Enrique Lores announced a new turnaround strategy following a failed takeover attempt by Advent International and Stripe. The plan implements significant cost-saving measures, including workforce reductions.
The strategic overhaul prioritizes strengthening the under-monetized Venmo app and improving the core PayPal checkout button. Management also aims to revitalize underperforming business segments through the launch of new features.
PayPal shares rose 0.88% following the announcement.