PayPal Holdings Inc on Monday raised its annual profit forecast to above Wall Street estimates, buoyed by its higher quarterly profit as margins improved on cost-cut measures and as consumers undeterred by inflationary pressures keep shopping online. While a cost-of-living crisis has now begun to squeeze budgets, particularly of lower income households, consumer spending has remained remarkably steady in the face of a looming economic slowdown. The company's payments volume rose 12% on a forex-neutral basis to $354.

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