PayPal President: No Plans To Go IPO (Video)

October 26, 2010

PayPal president Scott Thompson is happy to be part of eBay!

At the PayPal X conference in San Francisco, PayPal president Scott Thompson confirmed once more that the San Jose, Calif.-based company has no plans to go IPO anytime soon. “We’re happy to be part of eBay, and I don’t believe that it’s likely to change anytime soon!”

More on eBay-PayPal synergies:

“We have nothing on that front to announce. And in fact, as we’ve said in other occasions, nobody that I know of inside of eBay or PayPal is working in any such strategy… There’s a long long runway of synergies left for these 2 businesses [eBay and PayPal] to enjoy together,” says Thompson.

“The one that Bob Swan [eBay CFO] commented on on our earnings call last week was the growth of our credit business, the BML [Bill Me Later] business inside of PayPal and using the strength of the eBay balance sheet in order to fund that growth in receivables and that is a powerful synergy for both businesses: putting the capital they generate to work to help us grow that part of our business and a very profitable part of our business.”

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PayPal To Follow IPhone And Open To Developers

July 22, 2009

Ebay hopes PayPal can tap into the developer fervor that has so far generated 65,000 independent applications for Apple’s iPhone.

The online auction outfit will announce on Thursday that third-party developers will be able to include it in applications they write. The goal in opening up PayPal to outside developers is to accelerate innovation and expand its use, said CEO John Donahoe.

PayPal will announce the opening of its platform on Thursday, says eBay CEo John Donahoe

PayPal will announce the opening of its platform on Thursday, says eBay CEo John Donahoe

Already, PayPal is the feather in eBay’s cap. The payment service’s revenue grew 11 percent in the second quarter the company reported Wednesday while revenue from the company’s flagship auctions fell 14 percent.

PayPal now makes up almost a third of the company and the goal is to double its size in three years.

The open-platform effort at PayPal is analogous to what Apple has done with the iPhone and will be announced on Thursday, Donahoe said on a late Wednesday earnings conference call.

The move is obviously part of an effort to make PayPal a global force in the emerging market for Web payments. EBay already is summoning sales resources to the task.

The company said it attracted new merchants in Europe and Asia to PayPal during the second quarter as platform’s spread in the eBay market place begins to level off.

“It’s got real global momentum,” says Donahoe.

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Posted by Mark Boslet

Musk: After Paypal, SpaceX, Tesla Motors? Nano-fusion, Prefab Highways, Electric Plane

April 7, 2009
Elon Musk next venture could be a nano-fusion reactor, prefab highways and an electric plane!

Elon Musk next ventures could be a nano-fusion reactor, prefab highways and an electric plane!

Despite having his “mind full” with Space X, Tesla Motors and family matters (5 kids!), uber entrepreneur Elon Musk has still a bit of time left to think about his next big ideas which includes nanoscale fusion, prefabricated highways and a supersonic all-electric plane!

“At some point in the future, I will take a look at fusion. That’s a tough problem. But I think it’s something humanity can solve. And maybe there’s something I can be helpful there,” said Musk speaking tonight at a Churchill Club event hosted at Microsoft’s Mountain View. Calif.- campus.

The co-founder of Paypal is also dreaming of double-decker highways made of  “prefabricated sections” with very efficient metallic structures that could withstand the worst of earthquakes. “The trick will be making it light, strong and inexpensive. And I think I know how to do that,” added Musk.

Finally, Musk, which went from surviving on $1 a day to being one of Silicon Valley’s billionaires and perhaps the modern day Jules Verne, have this idea of an electric supersonic jet. “I have to ban that idea from my mind… [because] it’s very exciting.”

Here’s Elon Musk talking about his next dreams:

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eBay Lays Out 3-Year Vision, Expects Slow Growth

March 11, 2009

To achieve growth, eBay hopes to stabilize its auction business and surf on Paypal's hyper-growth

To achieve growth, eBay hopes to stabilize its auction business and surf on Paypal's hyper-growth

At its annual analyst day today, eBay provided details of its growth plans through 2011 and highlighted Paypal as its second core business.

The San Jose, Calif.-company core business remains its e-commerce auction marketplace which constitutes about half of eBay’s $8.5 billion annual revenue.

Looking ahead, eBay expects to reach $10 billion to $12 billion in 2011, up from $8.5 billion in 2008, led by strong PayPal growth.

And earnings are also expected to grow, in the mid-single digit range in 2011.

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Paypal Projects To Double In Size By 2011, Reach $5 Billion In Revenue

March 11, 2009
paypal-logo

Paypal has become eBay's second core business after its auction marketplace

Speaking at eBay’s annual analyst day today, PayPal President Scott Thompson expects the service to double in size in the next three years.

Last year, PayPal processed $60 billion in transactions, generating $2.4 billion in revenue from 70 million active user accounts.

By 2011, the San Jose, Calif.-company projects to process between $100 billion and $120 billion in transactions, which would translate into $4 billion to $5 billion in revenue, Thompson said.

“We expect PayPal to become the next leading online global payments network,” eBay CEO, John Donahoe said. “Increasingly for online consumers, there’s no paper, no plastic – there’s just PayPal. We believe this business is one of the most exciting and high-potential opportunities anywhere online today.”

Part of PayPal expansion plans is to expand outside of eBay’s marketplace and into mobile transactions like its recent deal with RIM where the online payment company will handle all the payment transactions for the Blackberry App World store.

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Twitter CEO: Unprofitable Popular Internet Companies Don’t Go Away; YouTube Founders Sold To Google Fearing Hollywood Lawsuits

December 5, 2008

 

No worries for the CEO of Twitter. If they can't succeed making money, they'll probably get bought!

No worries for the CEO of Twitter. If they can't succeed making money, they'll probably get bought!

Talking earlier this week at the Churchill Club in San Francisco, Calif., Twitter’s CEO pointed the fact that in the last 5 years none of the very popular Internet services have gone away because they could not make money.

Those really successful Internet companies would get acquired but not disappear or die.

A reference to the San Francisco startup of course that is still looking for ways to monetize its growing user base; which now total 6 million subscribers.

To prove his point, Williams cited YouTube and Paypal as two popular Internet companies that also had trouble – YouTube still is - monetizing their success.

“YouTube sold to Google because they were going to get their pants suit out. If that wasn’t the case, then the founders and their backers wouldn’t want to sell because it’s the future of television in the U.S. They had some unique things working against them,” said Williams.

And Williams knows the topic fairly well having sold Blogger to Google in February 2003 and recently rejected Facebook’s $500 million offer!

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Mobile Internet Market Will See A Boom In Wealth Creation In The Next Five Years, Mary Meeker Says

November 5, 2008

The greatest amount of technology wealth created in the next five years will be created by mobile Internet companies, says Morgan Stanley analyst Mary Meeker.

With the innovation coming from Apple’s iPhone and Google’s Android software, the position of the U.S. as a laggard in the space will change, she said at the Web 2.0 Summit in San Francisco. “I think we’ll end up being leaders in the market place in the next five years.”

Meeker said she is impressed by the growth and market position of four top Web companies: YouTube, now owned by Google, Facebook, Skype and PayPal, the last two of which are part of eBay.

Despite following Internet companies for more than a decade, Meeker said she still can’t tell whether the present downturn will last one year or five.

It is clear, Internet advertising is slowing, she said. Display advertising, in particular, will be challenged, but search advertising will do better, she said.

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Posted by Mark Boslet

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