Why has Paypal been beat up so badly?

Over the past six months, Paypal has drastically underperformed the market (down 14 vs +5.47% for the SP500)

My question is... why?

They just reported Q2 earnings, and while they beat slightly on revenue, they missed on adjusted EPS ($1.40 vs expectations of $1.47). The vast majority of tech companies reporting this cycle have beaten expectations, so that makes sense why the market is punishing it severely. The stock dropped 8% after they announced earnings.

Digging into their actual business, it looks like the competition is fierce in Branded Checkou (which is responsible for 80% of Paypal's net transaction profit.

What do y'all think of Paypal? I think there could be something here, I use it ALL the time.