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![Paypal Holdings, Inc. [PYPL] reports annual net loss of $4.2 billion](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FPYPL.png&w=1200&q=75)
PayPal Holdings, Inc. [PYPL] has reported a net loss of $4.2 billion for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $29.8 billion
Based in SAN JOSE, California, PayPal Holdings, Inc. operates in the SERVICES sector.
In the 12 months ended December 31, 2023, the company reported a net revenue of $29,771 million, showing an increase from the previous year's figure of $27,518 million in the same period and a substantial growth from the figure of $25,371 million reported in the corresponding period of 2021.
Operating expenses for the period included transaction expenses amounting to $14,385 million, which increased from $12,173 million in the prior year and $10,315 million in 2021. Transaction and credit losses were $1,682 million in the current period, up from $1,572 million in the previous year and $1,060 million two years ago. Customer support and operations expenses were $1,919 million, lower than the $2,120 million reported last year but higher than the $2,075 million reported in 2021. Sales and marketing expenses decreased to $1,809 million from $2,257 million in the previous year. Technology and development costs were $2,973 million, which was a decrease from $3,253 million in the prior year. General and administrative expenses remained relatively stable at $2,059 million compared to $2,099 million in the previous year. The company reported restructuring and other expenses of ($84) million in the current period, while it had expenses of $207 million in the previous year and $62 million in 2021.
As a result of the operating performance, the company reported an operating income of $5,028 million for the 12 months ended December 31, 2023, higher than the $3,837 million reported in the same period of the previous year but slightly lower than the $4,262 million reported in 2021.
Other income (expense) for the period was $383 million, in contrast to the negative figure of ($471) million in the previous year and ($163) million in 2021. Income before income taxes amounted to $5,411 million, indicating an increase from $3,366 million in the prior year and $4,099 million in 2021. Income tax expense for the period was $1,165 million, up from $947 million in the previous year but significantly higher compared to the benefit of ($70) million in 2021.
The company reported a net income of $4,246 million for the 12 months ended December 31, 2023, showing a substantial improvement from the net income of $2,419 million in the same period of the previous year but lower than the $4,169 million reported in 2021.
In terms of earnings per share, the company reported a basic earnings per share of $3.85 and diluted earnings per share of $3.84 for the current period, which saw an increase from $2.10 and $2.09, respectively, in the previous year. Comparatively, in 2021, the basic and diluted earnings per share were $3.55 and $3.52, respectively. Weighted average shares for basic and diluted calculations decreased from 1,154 and 1,158 million shares in the previous year to 1,103 and 1,107 million shares in the current period, respectively.
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