PayPal To Launch Ad Business Using Customer Data, Hires Former Uber Exec To Lead
Portfolio Pulse from Benzinga Neuro
PayPal Holdings Inc. (NASDAQ:PYPL) is launching an advertising business leveraging its vast user data. The company has hired Mark Grether, former head of Uber’s advertising unit, to lead this new division. This move aims to capitalize on PayPal's extensive data from user purchases and spending behaviors to create an ad network. PayPal's first-quarter profit increased, and the company raised its outlook for the year.
May 28, 2024 | 11:04 am
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PayPal is launching an advertising business leveraging its vast user data, led by former Uber exec Mark Grether. This move aims to capitalize on user purchase data to create an ad network, potentially boosting revenues.
The launch of an advertising business leveraging user data can significantly boost PayPal's revenue streams. Hiring a seasoned executive like Mark Grether adds credibility and expertise to this new venture. The positive first-quarter profit and raised outlook further support a likely positive short-term impact on the stock price.
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IMPORTANCE 90
RELEVANCE 100