Kamfanin PayPal Holdings ya sake zama babban ɗan wasa a kasuwannin kuɗi a cikin 'yan makonnin nan. Kamfanin, wanda ya ga farashin hannun jarinsa ya faɗi da kusan kashi 79% a cikin shekaru biyar da suka gabata, ya ba da rahoton sakamakon kwata na biyu na 2026 wanda ya zarce hasashen masu sharhi kuma, a lokaci guda, ya tabbatar da babban sake tsara tsarin cikin gida wanda ke ɗaga darajar cryptocurrencies zuwa matsayin kasuwanci mai mahimmanci. Wannan ya zo ne a daidai lokacin da ake hasashe game da yiwuwar siyarwa, wanda gudanarwa ba ta kawar da shi gaba ɗaya ba.
Sabon shugaban kamfanin, Enrique Lores, wanda ya maye gurbin Alex Chriss a farkon watan Maris, ya nuna wani sauyi da dabarun da suka haɗa da rage farashi, raba kasuwancin zuwa sassa uku, da kuma jajircewa ga kadarorin dijital. Tambayar da masu zuba jari da yawa ke yi yanzu ita ce ko wannan sauyi zai isa ya mayar da koma bayan hannun jari da kuma ko rangwamen da ake yi a yanzu yana nuna ainihin tushe ko kuma hukunci mai yawa a kasuwa.
Kwata na biyu wanda ya wuce duk tsammanin
PayPal ta fitar da ribar da ta samu a kwata na biyu na 2026 a ranar 28 ga Yuli, kuma an cimma alkaluman da kyakkyawan fata. Kudaden shiga sun kai dala biliyan 8.680 , wanda ke wakiltar karuwar kusan kashi 5% a shekara bayan shekara, kuma ya zarce tsammanin kasuwa da sama da dala miliyan 200. Ribar da aka daidaita a kowace hannun jari ta kasance dala $1,38, centi takwas sama da matsakaicin kiyasin Wall Street, kodayake ta yi ƙasa da dala $1,40 da aka ruwaito a daidai wannan lokacin a bara.
Faduwar ribar tana da takamaiman bayani: kamfanin ya kawo kuɗaɗen da suka shafi ƙaura ta gajimare, faɗaɗa ƙarfin hana zamba, da kuma ƙara saka hannun jari a tallan da aka yi niyya ga abokan cinikinta mafi daraja. Kuɗaɗen shiga na aiki waɗanda ba na GAAP ba sun faɗi da kashi 8,33% zuwa dala biliyan 1.510, amma gudanarwa ta dage cewa wannan ƙoƙari ne na ɗan lokaci wanda zai biya a kwata na huɗu, lokacin da tanadi daga shirin canji ya fara aiki.
Babu shakka, mafi kyawun ɓangaren shine samar da kuɗi. Kuɗin gudanar da ayyuka ya ninka sau biyu a shekara zuwa dala biliyan 1.980, kuma kuɗaɗen shiga kyauta ya haura da kashi 170,58% zuwa dala biliyan 1.780. Wannan adadi ya zarce kiyasin masu sharhi da kusan kashi 115%, waɗanda suka yi tsammanin kusan dala miliyan 826. Wannan tallafin kuɗi yana tallafawa shirin siyan hannun jari mai ƙarfi, tare da shirin dala biliyan 6.000 na wannan shekarar kuɗi, kuma yana ba da garantin aƙalla dala biliyan 6.000 na daidaita kuɗaɗen shiga kyauta.
Kamfanin ya kuma ɗaga jagorancinsa na cikakken shekara. Yanzu yana tsammanin samun riba mai kyau na kowace hannun jari na $5,38, daga $5,31 a shekarar 2025 kuma sama da adadin da ya yi hasashen a watan Mayu. An kiyasta cewa ribar ciniki za ta kai dala biliyan 15.600, kuma ana hasashen cewa ci gaban da aka samu a yawan biyan kuɗi na alama zai kasance a cikin ƙananan lambobi guda ɗaya, sama da yadda aka zata a baya.
Rarrabuwa uku da cryptocurrencies a matsayin ginshiƙi mai mahimmanci
Sanarwar da ta fi muhimmanci ita ce sake tsara PayPal zuwa sassa uku daban-daban na aiki. Na farko, wanda ake kira "Maganin Biyan Kuɗi da PayPal," ya ƙunshi kasuwancin biyan kuɗi na kan layi na gargajiya. Na biyu, "Ayyukan Kuɗi na Masu Amfani da Venmo," ya haɗa da aikace-aikacen biyan kuɗi na peer-to-peer da ayyukan kuɗi na masu amfani. Na uku, "Ayyukan Biyan Kuɗi da Crypto," ya haɗa Braintree , ayyuka ga ƙananan da matsakaitan kasuwanci, da duk ayyukan cryptocurrency, gami da stablecoin PYUSD.
Wannan tsari, wanda aka fara bayyana shi a ƙarshen Afrilu, ya magance buƙatar samar wa masu zuba jari fahimtar aikin kowane yanki. Rahoton da aka raba zai ba masu sharhi damar yin kwaikwayon ci gaban kasuwancin crypto da kansu kuma su tantance ko saka hannun jari a wannan yanki yana haifar da sakamako daidai. PYUSD stablecoin, wanda aka ƙaddamar a cikin 2023, yanzu zai sami ƙungiyar da ta keɓe don mai da hankali kan haɓaka karɓuwarsa , tare da ƙarfafa gwiwa don ƙarfafa amfani da shi ta hanyar hanyar sadarwar 'yan kasuwa ta Braintree da ayyukan ƙananan da matsakaitan kamfanoni (SMEs).
Mayar da hankali kan cryptocurrencies ba haɗari ba ne. Kasuwar stablecoin a halin yanzu tana haɗuwa, tare da matakai kamar sayen Bridge da Stripe ya yi da kuma haɗa Bitcoin cikin Cash App. PayPal yana buƙatar yaƙar waɗannan barazanar kuma ya nuna cewa bambancinsa na iya zama mai riba. Manufofin samun kuɗi na musamman ga kowane sashe suna kafa tsarin ɗaukar nauyi bayyananne: ƙungiyoyi za su sami manufofi da aka tsara, kuma za a sake duba sakamakon kwata-kwata.
Ana sa ran tanadin da ake sa ran yi zai kai dala miliyan 400 a cikin kuɗaɗen gudanarwa a wannan shekarar, tare da burin dogon lokaci na rage dala biliyan 1.500 daga tushen kuɗaɗen da ake kashewa. Lores ya bayyana karara cewa waɗannan tanadin za su ba da kuɗin saka hannun jari a ayyukan kuɗi da Venmo, kuma kasuwa za ta fara amfani da ƙarfin aiki a kwata na huɗu.
Yunkurin kwace mulki wanda bai taɓa faruwa ba kuma ƙofar da ke buɗe
Baya ga rahoton samun kudin shiga, hannun jarin PayPal ya girgiza da jita-jitar yiwuwar sayen hannun jari. A cewar The Motley Fool, kamfanin hannun jari mai zaman kansa Advent International da kamfanin biyan kuɗi Stripe sun bayar da rahoton tayin dala biliyan 53.000 don mallakar PayPal . Tayin, wanda zai darajar kamfanin a kusan dala $60,50 a kowace hannun jari, Andrew Jeffrey, wani mai sharhi a William Blair, ya yi la'akari da "ƙanƙanta sosai", wanda ya ba da shawarar cewa kimantawa mai ma'ana ya kamata ya kasance kusan dala $70 a kowace hannun jari.
Duk da haka, majiyoyin da ke kusa da yarjejeniyar sun nuna cewa hukumar gudanarwa ba ta da niyyar amincewa da shawarar, suna ganin cewa shirin sake fasalin da ake ci gaba da yi zai iya samar da ƙarin fa'ida ga masu hannun jari. Enrique Lores ya jaddada a kan wannan batu: kamfanin bai yi tsokaci kan "hasashe na kasuwa ko tattaunawar haɗuwa da saye ba," amma ya fayyace cewa suna nan a buɗe ga dama. "Idan muka ga wata dama da muka yi imanin za ta samar da ƙarin fa'ida ga masu hannun jarinmu ta hanyar aiwatar da dabarunmu na yanzu, ba shakka, za mu yi la'akari da ita a hankali," in ji shi.
An fassara wannan matsayi a matsayin wata hanya ta ci gaba da matsin lamba a kasuwa ba tare da rufe kofa ba. A gefe guda, gudanarwa tana kare shirin mai zaman kansa; a gefe guda kuma, ba ta kawar da wata hulɗa ta kamfani ba idan yanayi ya yi kyau. Hasashe ya taimaka wajen haifar da canjin hannun jari, wanda aka rufe ranar Alhamis a kan $57,65, tare da juriya na matsakaicin lokaci a kan $59,46.
Kimantawa, masu sharhi da hangen nesa
Daga mahangar kimantawa, PayPal a halin yanzu tana ciniki a rabon P/E na kusan sau 10,1, ƙasa da matsakaicin ɓangaren kuɗi daban-daban (sau 16,8) da rukunin ma'auni (sau 25,1). A cewar binciken Simply Wall Street, hannun jarin ya bayyana ƙasa da ƙima a cikin bincike 5 daga cikin 6 na tsarin kimantawarsa, kuma rabon P/E mai adalci zai kasance kusan sau 16. Wannan yana nufin rangwame na kusan kashi 37% idan aka kwatanta da farashin da aka nuna ta hanyar tushe.
Ra'ayoyin masu sharhi sun rabu biyu. A cewar Tipranks, masu sharhi 29 sun sake duba PayPal, inda 4 daga cikinsu suka ba da shawarar siya, 23 suka ba da shawarar riƙewa, kuma 2 suka ba da shawarar sayarwa. Matsakaicin farashin da ake sa ran samu shine $56,92, kusan daidai da farashin da ake sa ran samu a yanzu, kodayake kiyasin ya kama daga $40 ga wanda ya fi rashin bege zuwa $70 ga wanda ya fi kyakkyawan fata. Bryan Bergin na TD Cowen ya ba da shawarar riƙewa da manufar $59 , yayin da James Faucette na Morgan Stanley ya fi taka tsantsan kuma ya ba da shawarar sayarwa da manufar farashin $45.
Daga hangen nesa mai faɗi, tsarin kimanta darajar TIKR ya kiyasta cewa hannun jarin PayPal zai iya kaiwa dala $99 a ƙarshen 2030, wanda ke nufin jimlar riba ta 73% daga farashin yanzu, daidai da ribar da aka samu a kowace shekara ta 13%. Wannan yanayin yana ɗauka cewa raguwar farashi ya faru kamar yadda aka tsara kuma kamfanin ya sami damar ci gaba da haɓaka a cikin mafi girman darajarsa. Mabuɗin, a cewar masu sharhi, yana cikin aiwatarwa: idan PayPal ta fassara sake tsara shi zuwa fa'idodi masu ɗorewa, rangwamen na yanzu zai iya raguwa; idan koma-baya ya faru, ƙarancin riba na iya zama tarko na ƙima.
PayPal na fuskantar watanni masu zuwa tare da haɗakar abubuwan da ke sa masu zuba jari sha'awar su. Sakamakon kwata na biyu ya nuna cewa kasuwancin da ke ƙasa yana ci gaba da samar da kuɗi, sake fasalin yana ba da ƙarin gaskiya, kuma cryptocurrencies suna ƙarfafawa a matsayin babban jari. Duk da haka, rashin tabbas na ƙa'idoji, gasa a ɓangaren stablecoin, da shakku daga wasu mahalarta kasuwa suna ƙara yin taka tsantsan. Lokaci zai nuna ko alƙawarin Lores na kawo sauyi a cikin gida ya isa ko kuma idan, a wani lokaci, ƙofar ciniki ta kamfani za ta rufe da tayin da babu wanda zai iya ƙin amincewa da shi.
