FILE PHOTO: The PayPal logo is seen on a smartphone in front of the same logo displayed in this illustration taken September 8, 2021. REUTERS/Dado Ruvic/Illustration/File Photo
(Reuters) -PayPal forecast fourth-quarter revenue below estimates on Tuesday as the digital payments company shifts its focus from aggressive growth to high-margin businesses, sending its shares down 5%.
Efficiency became a priority for the company under CEO Alex Chriss, who since taking the helm last year has been pushing for cost discipline through job cuts and higher spending on automation and artificial intelligence.
