PayPal (NASDAQ:PYPL) shares are falling 18% in morning trading today after the company reported fourth-quarter earnings that missed expectations. Adjusted earnings came in at $1.23 per share, below the $1.

PayPal has appointed former board chair Enrique Lores as chief executive, replacing Alex Chriss who had been chief executive since 2023. Lores is stepping down as CEO of HP, which is racing to search for his replacement, Semafor reports. HP board member Bruce Broussard will be interim CEO.

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