PayPal Holdings (PYPL) stock was trading lower amid fresh concerns over growth after the payment company’s presentation at the UBS Global Technology and AI Conference 2025.
Shares were -2.51% Wednesday afternoon to $61.32.
During the presentation that began at 10:15 AM EST on December 3, Chief Financial & Operating Officer Jamie Miller warned that the macro pressure seen in September had persisted into October and November.
“We continue to see consumers spending less… average order values down and just a shifting in that space. And that has persisted,” noted Miller.
“As you look at fourth quarter, what we’re expecting at this point is that the fourth quarter branded checkout growth will grow at least a couple of points lower than what we saw in the third quarter,” said Miller.
Jamie Miller called agentic commerce an investment in the future.
“It is something where we’re leaning in with a lot of different partners right now, Perplexity, Open AI, Google and a few others,” said Miller. “And being something that we start to see momentum in ’26.”
“What I would say is that we expect that the investments we’re going to make, mostly in transaction margin dollars, but some in OpEx (operating expense), to bring slower growth to transaction margin dollar and earnings per share growth in ’26 versus what we had in ’25, still positive growth, but at a much slower rate,” noted Miller.
For OpEx, the San Jose, California-based company expects the ’26 growth rate to be about the same as the transaction margin dollar growth rate.
“So we’ll see some compression there,” said Miller.