Paypal valued at almost $50bn with Nasdaq return

PayPal has been valued at almost
$50bn (£34bn) after splitting from
eBay and relisting on Nasdaq.
The online payment firm formally
separated from parent company eBay on
Friday, 10 months after the move was first
announced.
Analysts said the split had enabled
investors to evaluate the two companies'
growth prospects separately.
Shares in PayPayl rose 6.5%, or $2.51, to
$40.90 in New York.
Paypal's revenues rose 16% in the second
quarter - more than double eBay's 7%
increase in the same period.
The separation will give Paypal the
freedom to work with other potential
partners, such as marketplaces like
Amazon or Alibaba and increase its
market share.
Paypal chief executive Dan Schulman said
its status as an independent company was
a "tremendous opportunity".
'Gorilla'
"We are focused on leveraging our
strengths to drive long-term growth for
our company and shareholders," he said.
JP Morgan analysts described Paypal as a
"gorilla" in the online payments
marketplace and said its "global scale and
brand recognition" would help its growth.
However, this may not translate easily
into new areas.
"User engagement is changing, and the
competitive advantages PayPal enjoyed in
the traditional online commerce channel
do not necessarily carry over into the
mobile and offline worlds, in our view," JP
Morgan added.
PayPal, which was founded by a group of
investors including venture capitalist
Peter Thiel and Tesla Motors boss Elon
Musk in 1998, first listed on Nasdaq in
2002 and was bought later that year by
eBay.
The decision to split the two companies
came after activist investor Carl Icahn last
year pushed for the separation - a move
initially resisted by eBay.
EBay chief executive John Donahoe
subsequently said a " thorough strategic
review" had shown the board that
keeping the two companies together was
becoming "less advantageous to each
business strategically and competitively".
The two businesses will continue to have
some links, with eBay agreeing not to
reduce the volume of transactions it puts
through PayPal for the next five years.

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