PayPal CEO Dan Schulman doesn’t expect the economic environment for e-commerce, a major driver of business for the digital payments company, to improve anytime soon.
Reflecting on the see-saw nature of holiday e-commerce in recent years, he noted at an investor conference this week that year-over-year growth had been in the mid-teens leading up to 2019 and then edged down to 13% that year before jumping to 33% during the COVID-19 pandemic, and then coming in essentially flat this year.
