PayPal (PYPL US): Hold: PayPal hits reset button – meeting highlights with Chief Investor Relations Officer

研报英文原文证据摘录

PayPal (PYPL US): Hold: PayPal hits reset button – meeting highlights with Chief Investor Relations Officer

Equities ● Diversified Financial Services

30 June 2026

PayPal (PYPL US, CMP USD44.38, Hold, TP USD45.00)

Participants: Steven Winoker, Chief Investor Relations Officer, and Allison Jordan, Investor

Relations

Key takeaways:

◆ Strategic reset under new CEO Enrique Lores could help sharpen execution. Mr Lores

is a seasoned operator with almost 35 years at HP and 6 years as CEO, bringing a

disciplined, engineering-led approach to transformations. Early actions include pushing a

more granular, piece by piece operating model and reorganizing PayPal into three

businesses: Checkout Solutions/PayPal, Consumer Financial Services/Venmo, and Payment

Services & Crypto/Braintree.

◆ Operating model changes are intended to improve execution and sharpen

accountability. As noted, PayPal has reorganized into three businesses: Checkout

Solutions and PayPal (Branded Checkout), Consumer Financial Services and Venmo

(expanding from moving money to managing money), and Payment Services and Crypto

(Braintree plus Crypto assets). Mr Winoker noted that the reorganization is meant to help

unleash Venmo and Braintree as independent profit centers instead of them running solely

in service of Branded Checkout and should give each business clearer ownership while

leveraging shared infrastructure such as risk and identity infrastructure.

◆ Branded Checkout performance has been constrained by inconsistent customer

experience, driving churn and weakened merchant presentment. Management identified

three issues: experience quality (outdated flows requiring re-entry of credentials),

presentment (merchants demoting PayPal placement), and consumer selection (insufficient