“For example, PayPal will be soon launching an integrated consumer lending partnership with Amazon for Germany and Austria, and this is a good example of the type of investments we are going to be making.”

In context

“Enrique Lores (Chief Executive Officer): Thank you. Our investments are going to be fully aligned to the areas that we described during the prepared remarks and are the changes we are driving in the strategy. First of all, we see a big opportunity in changing and expanding into financial services. And we are going to be investing to expand our portfolio, to expand our geographical coverage and also to expand distribution, and we are working with multiple partners and companies to make that happen. For example, PayPal will be soon launching an integrated consumer lending partnership with Amazon for Germany and Austria, and this is a good example of the type of investments we are going to be making. Second, we also mentioned that we are going to be accelerating our growth, both in Venmo and in PSP in Braintree, and we're going to do that by investing both on the product side and on the go-to-market side. We said we are going to be reenergizing the consumer side of the PayPal network. And this means we will be investing in marketing, data processing capabilities to really reinforce our position on that side of the network. And we mentioned already last quarter that we have embarked on a big project to modernize our technology to improve our risk management capabilities. These will deserve investments as well. And we are going to continue to invest in long-term innovation related to agentic commerce, related to PayPal world. So we have a very clear definition of what the investment areas are going to be. And this is why the savings program is so important because the majority of these investments will be self-funded with the savings that Jamie described.”