Supply Chain in for ‘Long Tough Slog’ for Rest of 2022: PayPal CEO

PayPal is beginning to see “some slivers of light” amid a “very tough” global geopolitical and macroeconomic environment, CEO Dan Schulman told a Bank of America investor conference Thursday. China is “slowly reopening domestically” after many weeks of COVID-19 lockdowns, he said. “We have quite a number of people in China, so we have a lot of insight there.” The Chinese are “rapidly moving to open their ports,” but the whole global supply chain is still in “a bit of a funk right now,” he said. “So even if China opens, whether they can get goods out of China into the U.S. is still TBD.” Despite some “glimmers of hope,” Schulman thinks the supply chain is in for “a long tough slog for the rest of this year,” he said.