Paypal Holdings, Inc. [PYPL] reports annual net loss of $4.2 billion

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.