PayPal Holdings, Inc. PYPL has appointed Allison Johnson as the new chief marketing officer (CMO) and executive vice president. Notably, the company revived the role after six years.
Allison will report to PayPal's chief executive officer, Dan Schulman and will manage the marketing affairs of the business from the company's San Jose headquarters.
Allison initially worked with Apple AAPL
for over six years as the president of worldwide marketing communications. Prior to being appointed by PayPal, she served as the founder and managing partner of West. Before joining Apple, Johnson worked as senior vice president of global brand marketing at HP.
Given her vast knowhow and expertise, we believe she will help the company to scale new heights.
PayPal is firing on all cylinders to expand its presence in the digital payment solutions space. The safety and simplicity of transactions on the platform differentiate it from its competitors.
Venmo continues to bolster PayPal's stake in mobile payments. This application enables the transfer of money between family and friends via mobile devices. Notably, in third-quarter 2018, the app processed $17 billion of payments, up 78% year over year.
The company continues to provide sellers and customers with a better payment experience. This is expected to drive PayPal's top line in the near term.
Recently, the company's money transfer service, Xoom, expanded operations to Canada. Local customers can now send money, make bill payments or reload their phones in more than 130 countries internationally at a better rate.
Further, the company also announced the acquisition of a payout platform, Hyperwallet. Notably, the deal will likely give PayPal access to more than 200 markets, further enhancing its payment distribution capabilities.
PayPal will report its fourth-quarter fiscal 2018 earnings on Jan 30, after market close.
PayPal Holdings, Inc. Price and Consensus
PayPal Holdings, Inc. Price and Consensus | PayPal Holdings, Inc. Quote
PayPal operates in a highly competitive global payments industry with its participants, many of which are traditional financial services companies such as MasterCard and Visa, enjoying dominant and secure positions.
Square SQ too holds a prominent position in the digital payment solutions space.
The company emerged as an omnichannel payment platform with the launch of its in-app payments software development kit (SDK), which enables developers to process payments with Square through their own mobile apps.
Nevertheless, PayPal's well-performing payment platforms like Braintree, Venmo and Xoom will continue to support it in a rapidly growing market.
Zacks Rank & Stock to Consider
Currently, PayPal carries a Zacks Rank #4 (Sell).
A better-ranked stock in the broader computer and technology sector is Verint Systems Inc. VRNT , sporting a Zacks Rank #1 (Strong Buy).You can see the complete list of today's Zacks #1 Rank stocks here.
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