Shares of PayPal Holdings (PYPL) advanced as the payment system provider reported better-than-expected results, raised its outlook, and its new CEO promised to cut costs. However, enthusiasm was somewhat dampened after federal regulators subpoenaed theဣ company over its move into cryptocurrency.

PayPal indicated third quarter fiscal 2023 profit surged 20% year-over-year to $1.30 per share. Sales were up 8% to $7.42 billion. Both exceeded estimates. Total payment volume increased 15% to $388.7 billion. 

CEO Alex Chriss, who took over in September, explained, “Simply put, our cost base remains too high.” He added that PayPal will become “more efficient so we can innovate and execute with higher velocity.”

PayPal boosted its full-year earnings per share (EPS) outlook to about $4.98 from $4.95🅰 previously. 

The company also announced that Jamie Miller would become the new CFO. She had previoꦉusly been CFO at EY, Cargill, and General Electric. 

In addition, PayPal explained that the 澳洲幸运5开奖号码历史查询:Securities and Exch𝕴ange Commission (SEC) subpoenaed the firm for documents relating to its 澳洲幸运5开奖号码历史查询:stablecoin, PayPal USD (), which it launched in August. The company said ဣit was 🐻cooperating with the investigation. 

Despite Thursday's gains, shares of PayPal remained more than 20% lower for the year.