While eBay had a lot of explaining to do in the media on Monday about its future direction following its breakup, PayPal appeared to be giddy with excitement about what it called its next chapter.
And, it seems, with good reason. It has a guaranteed revenue stream from eBay due to a 5-year operating agreement that penalizes the marketplace if the percentage of GMV processed through PayPal falls below current levels. PayPal also walked away from its parent with a strong balance sheet. PayPal CEO Dan Schulman told Forbes, “We go into this next chapter with no debt and $6.6 billion in cash.” (eBay was saddled with all of the debt.)
Reporters were giddy about PayPal too. Forbes salivated at the mere possibility that PayPal might work with Amazon.
But despite all the excitement, PayPal CEO Dan Schulman didn’t forget the company’s customers, sending an email on Monday thanking them. “The fact is, your company and those like yours around the world are the cornerstone of our business. At the most fundamental level, we are here to help you serve your customers well. Our success is built on your success. Our business grows only when we help you grow yours.”
Schulman was joined by a group of employees to ring the opening bell at Nasdaq on Monday to mark the milestone.
“Mobile technology is transforming payments, making it easier, safer and more affordable for people to move and manage their money than ever before. As an independent company, we see a tremendous opportunity for PayPal to expand our role as a champion for consumers and partner to merchants, and to help shape the industry as money becomes digital at an increasingly rapid pace,” Schulman said in a press release.
PayPal used the release to remind readers that it was previously listed on the Nasdaq under the same ticker symbol “PYPL” before it was acquired by eBay Inc. in 2002 for $1.5 billion. “We’d like to thank our friends at eBay for their tremendous support and partnership over the past 12-plus years,” Schulman said.
On Tuesday, PayPal announced the hiring of a new Chief Human Resources Officer. Marcia Morales-Jaffe will be responsible for managing PayPal’s efforts to attract and retain talent.
In the announcement, PayPal revealed it has 16,000 people located in more than 55 sites around the world. “This includes more than 8,000 team members in customer service, all of whom are focused on helping our customers manage and move their money, and approximately 5,000 engineers and product developers who are committed to keeping PayPal at the forefront of innovation.”