In late 2023, the company reorganized its operations to be more closely aligned to the customers it serves – consumers, small businesses, and large enterprises – to deliver more seamless and differentiated end-to-end experiences.

The company is focused on being technology and platform agnostic, partnering with merchants to grow their business, and providing consumers with simple, secure, and flexible ways to manage and move money.

The company is seeking new areas of growth by focusing on innovation in both the digital and physical worlds and finding opportunities to expand and improve upon existing products and capabilities.

In the first quarter of 2023, management initiated a global workforce reduction to focus resources on core strategic priorities and improve cost structure and operating efficiency, resulting in $122 million in restructuring charges. The estimated reduction in annualized employee-related costs was approximately $280 million.

The company is continually improving its technology infrastructure and payments platform to enhance the customer experience and to increase efficiency, scalability, and security.

The company uses employee feedback to inform the development of employee programs, and has implemented programs focused on inclusive hiring practices, career development, and employee wellness.

The company acknowledges that cyberattacks and security vulnerabilities could result in serious harm to its reputation, business, and financial condition, and that business interruptions or systems failures may impair the availability of its services.

The company's business is subject to extensive government regulation and oversight, and failure to comply with complex, overlapping, and frequently changing rules, regulations, and legal interpretations could materially harm its business.

The global payments industry is highly competitive, and the company faces substantial and increasingly intense competition worldwide, which could impact its ability to grow and maintain its market share.

As of December 31, 2023, the company had 426 million active accounts in approximately 200 markets around the world, which it believes helps drive organic growth.

The company has built and strengthened well-recognized and trusted brands, including PayPal, Braintree, and Venmo, which it believes is a key competitive strength.

The company's enterprise risk and compliance management program is designed to help keep customer information secure and ensure it processes legitimate transactions, which it believes is a key competitive strength.

Total operating expenses increased to $24.743 billion, up from $23.681 billion in 2022, due primarily to an increase in transaction expense, partially offset by reductions in sales and marketing expense, restructuring and other, and technology and development expense.

Sales and marketing expenses decreased to $1.809 billion, down from $2.257 billion in 2022, primarily due to lower spending on targeted user incentives and marketing campaigns, and a decline in amortization of acquired intangibles.

Technology and development expenses decreased to $2.973 billion, down from $3.253 billion in 2022, primarily due to lower intangible amortization and a decline in costs related to contractors and consultants.

The company's strategy includes being technology- and platform-agnostic, partnering with merchants to grow their businesses online and in person, and offering simple, secure, and flexible ways for consumers to manage and move money.

The company is continually improving its technology infrastructure and payments platform to enhance the customer experience and to increase efficiency, scalability, and security, and has a comprehensive cybersecurity program to protect its technology infrastructure.

The company's total research and development expense was $1.6 billion in 2023, which indicates a continued investment in innovation and new technologies.

The company repurchased approximately 74 million shares of its common stock for approximately $5.0 billion in 2023, and has approximately $10.9 billion remaining available for future repurchases under its June 2022 program.

The company maintains uncommitted credit facilities in various regions and may consider other third-party sources of funding for its credit portfolio, and is focused on managing its debt and liquidity.

The company's strategic investments are subject to market-related risks that could substantially reduce or increase the carrying value of the portfolio, and may result in material losses.

The company is committed to creating a more inclusive global economy and advancing its core values of Inclusion, Innovation, Collaboration, and Wellness across its communities, workforce, and strategies.

The company manages priority ESG risks and opportunities organized across responsible business practices, employees and culture, social innovation, and environmental sustainability.

The company endeavors to provide transparent disclosures on its progress through its annual Global Impact Report and other communications.

The company operates in a rapidly evolving regulatory environment characterized by a heightened focus by regulators globally on all aspects of the payments industry, including anti-money laundering, countering terrorist financing, privacy, cybersecurity, and consumer protection.

The company's ability to grow revenue is affected by the macroeconomic environment and its impact on consumer spending patterns, adoption of digital payment methods, and the pace of transition from cash and checks to digital forms of payment.

The company has significant international operations that are denominated in foreign currencies, which subjects it to foreign currency exchange risk which may adversely impact its financial results.