Dan Schulman, CEO of PayPal at the 2018 WEF in Davos, Switzerland.
Adam Galica | CNBC
Dan Schulman, CEO of digital payments giant PayPal, told CNBC on Wednesday that spending activity by their nearly 300 million users remains high, strengthening his optimism about the future of the overall U.S. economy.
“In the U.S., consumer spend is still strong,” Schulman said in a “Squawk Box” interview. “At least right now, over the next year or so, we’re pretty bullish about, in general, about the economy.”
Wall Street —despite seeing the stock market hitting all-time highs recently — has been on edge as economic uncertainty increases across the globe.
Schulman pointed to Britain’s exit from the European Union, the ongoing U.S.-China trade war, the impeachment inquiry into President Donald Trump, and the 2020 presidential election.
“Those can break any one of a number of different ways,” he acknowledged. But he said, “From our perspective, we see a pretty strong secular growth.”
“People have been predicting a recession for some time, but we’re not seeing it in any of our numbers,” he added.
Last month, PayPal reported better-than-expected adjusted earnings and revenue, citing its mobile payment app Venmo as a key bright spot.
Shares of PayPal, as of Tuesday’s close of just over $102 each, were more than 21% higher in 2019.
