Shares of (NASDAQ: PYPL) stock fell 18% in August, according to data provided by S&P Global Market Intelligence. Investors continue to be disappointed in the digital-payments giant's direction after an uninspiring earnings report, and the announcement of a new CEO didn't do too much to alleviate investor concerns.

After an incredible run-up during the early days of the pandemic, when everyone was buying online, PayPal's sales are slowing down. Total payment volume increased 11% in the 2023 second quarter, and revenue increased 7%. That's not too shabby, considering it's operating in an inflationary environment.

Like many other companies, PayPal expanded a bit too much when times were good and overshot. It launched a cost-cutting program that's now demonstrating progress, but it needs more.

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Source Fool.com