PayPal’s fourth-quarter results were mostly good, but management indicates that it will take longer than investors expected to correct the situation and return to steady growth.

Fourth-quarter revenue rose 9% to $8 billion, beating estimates of $7.33 billion, although year-over-year transaction revenue was $3.7 billion, indicating slower underlying growth. Total payments volume for the period rose 15% to $409.8 billion, though the number of active accounts fell 2% to 426 million as executives said they continued to lose non-involved accounts.

In the end, the company posted strong growth, with adjusted earnings per share rising 19% to $1.48, beating the consensus forecast of $1.27.

While this performance was good, the decline in the number of active customers reflected weakness in the core business. At the same time, the forecasts had investors heading for the exits.

PayPal forecast revenue growth of 6.5% in the first quarter, but expects flat growth in 2024 adjusted earnings per share to $5.10. That outlook includes aggressive stock buybacks and a recent round of layoffs.

New CEO Alex Kriss explained that 2024 will be an investment and transition year for the company as it invests in new initiatives and improves its core technical infrastructure, including taking steps to improve latency in its mobile app.