PayPal Holdings (NASDAQ: PYPL) is a financial-technology (fintech) pioneer that's still extremely relevant. As of the first quarter of 2024, the company had 427 million active accounts. And its system processed over $400 billion in payments during Q1 alone. That's a big platform that's still getting plenty of use.

As of this writing, PayPal stock is down nearly 80% from its all-time high and about 14% over the past year. Based on this stock performance, one might conclude that business is poor. But to the contrary, the company's revenue and total payment volume are currently at all-time highs.

However, there is one chart that might explain PayPal's current situation better than any other. As the chart below shows, the company's revenue is up 25% over the past three years, which isn't bad at all. However, its gross profit is flat over this same time frame.

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Source Fool.com