PayPal cuts annual revenue and profit targets as eBay benefits disappear

PayPal, which is a big multinational employer in Ireland with nearly 3,000 staff stationed here, has been battling the loss of eBay ever since the two decided to end their longtime partnership in 2018.

Shares in online payments facilitator PayPal dropped the most in more than a year after volume from former parent eBay tumbled and the payments giant lowered its guidance for revenue and earnings.

Transactions tied to eBay’s marketplace slid 45% in the third quarter, a bigger decline than in the previous three months, PayPal said.