SAN JOSE / LONDON (IT BOLTWISE) – PayPal posted impressive third-quarter results and announced a new partnership with OpenAI. This collaboration could revolutionize the e-commerce experience by allowing ChatGPT users to complete purchases directly through PayPal.
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PayPal Holdings recently reported its third-quarter results, beating Wall Street’s expectations. The company’s shares rose nearly 16% after news that PayPal had entered into a new partnership with OpenAI. This collaboration aims to improve the e-commerce experience by integrating PayPal into the ChatGPT platform, which has over 800 million weekly users worldwide.
In the third quarter, PayPal’s adjusted earnings rose 12% to $1.34 per share, while revenue climbed 7% to $8.42 billion. Particularly notable is the growth of Venmo, whose revenue increased by 20%. Analysts had previously expected earnings of $1.20 per share on revenue of $8.236 billion.
Partnering with OpenAI could give PayPal a decisive advantage in the competitive e-commerce market. ChatGPT users can now complete their purchases directly through their PayPal wallets, making the checkout process much easier. This development could help PayPal regain market share it has lost to competitors like Apple.
However, analysts are cautiously optimistic. While PayPal’s integration with AI platforms like ChatGPT has the potential to accelerate growth, it remains to be seen how much additional revenue can actually be generated. The partnership with OpenAI is seen as a potential ‘silver lining’ to leverage PayPal’s global user base and reignite growth.
In the third quarter, PayPal processed $458 billion in total payment volume, an increase of 8%. Active accounts rose 1% to 438 million. For the fourth quarter, PayPal expects adjusted earnings per share to be between $1.27 and $1.31, slightly below FactSet estimates.
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