Venmo owner PayPal is one of the worst stocks of 2022
CNN
Sending money to pay for things via Venmo may be all the rage among smartphone-addicted millennials and Gen Zers. But it hasn't been enough to boost Venmo owner PayPal as of late. The digital payments giant is one of the worst performing stocks in the S&P 500 this year. Shares have plunged more than 55% so far in 2022.
PayPal (PYPL) warned back in February that its sales and new active user growth would be below forecasts. Chief financial officer John Rainey said the combination of inflationary pressures, supply chain issues and the lack of any new stimulus from the federal government was hurting consumer sentiment and spending.
PayPal will report its first quarter results after the closing bell Wednesday and investors will be looking to see if the company has any better news to share. The outlook isn't promising. Analysts are expecting fairly sluggish revenue growth — just 6% from a year ago, and year-over-year earnings are also likely to drop sharply.
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