PayPal Holdings (NASDAQ: PYPL) dropped on Friday, extending a steep decline in the digital payments company's stock price in recent months. As of 11:30 a.m. ET, PayPal's shares were down more than 2% after falling as much as 5.3% earlier in the day.
PayPal has shed more than two-thirds of its value over the past year and over 70% since its highs in July. The fintech leader's shares soared during the early stages of the pandemic, when fears of COVID-19 drove many people to shop more online. But e-commerce growth has slowed as the economy has reopened, with most coronavirus-related restrictions now lifted and people returning to shop in stores once again.
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Source Fool.com