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15 February 2024

HomeLatest NewsPayPal to launch AI-based products as new CEO aims to revive share price

PayPal to launch AI-based products as new CEO aims to revive share price

PayPal to launch AI-based products as new CEO aims to revive share price

PayPal to launch AI-based products as new CEO aims to revive share price

(Reuters) PayPal is launching new artificial intelligence-driven products as well as a one-click checkout feature, the company said on Thursday as its chief executive tries to inject new life into the payments giant.

It is the first major announcement under Alex Chriss, who joined PayPal in September, and the new products are another example of how companies are trying to tap investor enthusiasm for AI, which helped drive U.S. stock markets to record highs this month.

Investors hope Chriss, who was previously a senior executive at software company Intuit, will revive PayPal’s stock, which is down more than 22% from January 2023 due to margins which have underwhelmed investors. Chriss has called 2024 a “transition year” for PayPal and has promised to grow revenues beyond transaction-related volume.

“The data that we have and our ability to actually see what people have bought and know what merchants are trying to target, that’s where I think AI is the huge opportunity for us,” Chriss told Reuters in an interview.

PayPal shares were last down 4.6% as investors digested the news.

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