eBay spun-off its payment processing unit PayPal into a separate publicly traded company, valuing it at about $52 billion.
PayPal first went public in 2002, and was acquired by eBay for $1.5 billion shortly after its market debut.
Last year, eBay said it would split PayPal to give both companies more focus and flexibility amid pressure from activist investor Carl Icahn.
The two companies have agreed that eBay will continue to channel transactions through PayPal for the next five years.
San Jose, Calif.-based PayPal is a technology platform company, which enables digital and mobile payments on behalf of consumers and merchants around the world.
The company focuses on helping consumers access and move money through its platform using various devices, such as mobile, tablets, personal computers and wearables.
It provides businesses of various sizes to accept payments through its platforms including PayPal, PayPal Credit, Venmo and Braintree products.
Insight from TheStreet's Research Team:
Jim Cramer commented on PayPal in a recent post on RealMoney.com. Here is a snippet of what Cramer had to say about the stock:
Two Dow Jones companies that have not distinguished themselves of late are set to report in Coca-Cola (KO) and American Express (AXP) and I think the former could surprise from some very impressive expense control and the latter, while due for a bounce, doesn't seem to have a handle on things.
Not only would I prefer MasterCard (MA) and Visa (V) to Express, as it is known, but new-found competitor PayPal (PYPL) has much more going for it. People are tired of the excuses here and it's time for a shakeup.
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