While the overall market had a remarkable bounce-back year in 2023, it was a different story for (NASDAQ: PYPL). The payments giant saw its share price plummet 13% last year, as market sentiment around the company remains weak amid slower growth and leadership changes.
Nonetheless, some investors might think the beaten-down shares present an opportunity. Is it time to buy this fintech stock? Let's take a closer look.
PayPal's business got a big boost early on in the coronavirus pandemic, which boosted many other internet companies as well. Total payment volume (TPV), revenue, and active accounts were soaring in 2020 and 2021, leading to a rising stock price. However, economic headwinds, namely inflationary pressures and higher interest rates, stunted growth throughout 2022 and into 2023. In the third quarter of 2023 (ended Sept. 30), PayPal posted an 8.4% year-over-year revenue gain, which fell far short of the 20%-plus growth it regularly saw in 2020.
Source Fool.com