PayPal warns that consumer spending is about to fall sharply

Omicron, inflation and a lack of government stimulus have some Venmo users nervous about spending money from their digital wallets

PayPal executives warned during the company's earnings call with analysts Tuesday that its forecasts for revenue and new active users would not be as strong as the company and Wall Street had hoped. Shares of PayPal plunged more than 25% on the news.

" He added that e-commerce growth rates during the key fourth quarter holiday season also didn't live up to expectations.Still, competition from traditional payment companies may also be hurting PayPal. American Express , Visa and Mastercard all recently posted strong earnings and guidance.

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