PayPal Holdings Inc. shares headed toward their worst one-day performance on record after the company lowered its profit outlook for 2022 and walked back an ambitious growth strategy it put in place last year. 

PayPal shares sank 24% Wednesday morning, erasing tens of billions of dollars in market value. For much of 2020 and 2021, PayPal was an investor favorite as the migration to online shopping over the course of the pandemic boosted its transaction volumes and profits, sending its market capitalization higher than all U.S. banks except JPMorgan Chase & Co.