Paypal operates as an online payment system in majority of countries that support online money transfers. It serves as an electronic alternative to traditional paper methods such as checks and money orders. Paypal was established in 1998. In 2022, Paypal was ranked as the 143rd company on the Fortune 500. It is traded on NASDAQ as $PYPL. As of 2022, the total revenue of Paypal stood at $27.52billion.
$PYPL had its IPO in July 2015 at $34 per share. In the space of 6 years, July 2021 to be precise, $PYPL reached $310, which currently is the all-time high. After the high was reached, $PYPL lost significant value.
The year 2022 was bad for investors in $PYPL as it was a bearish year. The bearish movement has continued this year as price reached a new low on the 9th of May, 2022 at $65.91, making it the lowest price since October 2017. In February 2023, PayPal laid off 2,000 workers which is 7% of its total workforce. This mass layoff could have been as a result of the year-long downward slope of the share price in 2022.
From the technical standpoint, $PYPL might recover in the coming weeks. Price is currently at $65 as at the time of writing this article. We could see price rally above $70.
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