PayPal reported better-than-expected fourth-quarter results on Wednesday, but issued guidance that was slightly below estimates, causing the shares to slip in extended trading. The company posted earnings per share of $1.48, adjusted versus the expected $1.36, and revenue of $8.03 billion compared to the anticipated $7.87 billion. Despite the positive earnings, the number of active accounts fell 2% to 426 million, which trailed analyst expectations.

Net income rose 52% to $1.4 billion, or $1.29 per share, from $921 million, or 81 cents per share, a year earlier. PayPal also reported a total payment volume of $409.8 billion for the quarter, surpassing the $405.51 billion expected by analysts. However, the company’s guidance for the full year and first quarter fell just short of expectations, with anticipated full-year earnings of $5.10 per share, below the expected $5.48.

In addition, PayPal estimated that year-over-year earnings per share growth for the first quarter would fall in the mid-single digits, compared with a consensus estimate of 8.7%. The company had recently announced a 9% reduction in its global workforce, amounting to about 2,500 jobs, and introduced new artificial intelligence features as part of its transformation efforts.

CEO Alex Chriss, who took on the role in August, emphasized the company’s commitment to making necessary changes to drive profitable growth in the future. Despite the mixed guidance and workforce reduction, shares of PayPal have seen a 3% increase this year as of Wednesday’s close, following a three-year decline and currently standing at approximately 80% off their record from July 2021.