PayPal raises 2026 profit outlook as Enrique Lores cuts costs
PayPal just bumped up its 2026 profit outlook, showing its big restructuring push is working.
CEO Enrique Lores has been leading major cost cuts and efficiency moves earlier this year.
The company expects to beat Wall Street's profit predictions this holiday season, even with tough competition from Apple and Google.
PayPal cuts 2,000+ jobs, deploys AI
To hit $700 million in savings by 2026, PayPal is cutting more than 2,000 jobs and trimming over 25% of its managerial roles.
They're also rolling out AI chat agents to streamline things further, altogether aiming for at least $1.5 billion saved in the next few years.
Plus, recent numbers show people are still spending: payment volumes are up and PayPal's total payment volume grew 7% on a foreign exchange-neutral basis to $487.1 billion in the third quarter.