TNB Tech Minute: PayPal Raises Full-Year Guidance After Gains From Active Accounts and Venmo - Tech News Briefing
This transcript was prepared by a transcription service. This version may not be in its final form and may be updated.
Ariana Aspuru: Here's your afternoon TNB Tech Minute for Tuesday, July 29th. I'm Ariana Aspuru for The Wall Street Journal. PayPal has raised its full-year guidance after a strong second quarter. This comes after total payment volumes jumped 6% in the second quarter to more than $443 billion. Active accounts increased 2% to 438 million. PayPal is focusing on profitable growth through its branded checkout options, unbranded processing business, and branded offline checkouts from its PayPal and Venmo credit and debit cards. Venmo's revenue alone was up 20%. Plus we have a pair of exclusive stories. Palo Alto Networks is in talks to acquire CyberArk Security Software, an Israeli cybersecurity provider. This would mark one of the biggest technology takeovers so far this year according to people familiar with the matter. The deal could be finalized later this week and could value CyberArk well above its $20 billion market value. Today, Palo Alto Networks has a market value of almost $140 billion, with its share price up roughly 14% year to date. Finally, JP Morgan Chase is nearing a deal to take over Apple's credit card program. This would potentially replace Goldman Sachs as Apple's card partner according to people familiar with the matter. We previously reported that JPMorgan and Apple have been negotiating since early last year. Still, the deal hasn't been signed and there are chances that talks could unravel because of a number of challenges associated with the Apple program. And that's a wrap on your TNB Tech Minutes. For a deeper dive into what's happening in tech, check out our Tech News Briefing podcast on Tuesdays and Fridays.
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