(Bloomberg) -- EBay Inc. rose to a record high after giving an optimistic revenue forecast and unveiling plans to shift its payments business from long-time partner PayPal Holdings Inc. to Adyen BV, a global payments company based in the Netherlands. Shares of PayPal tumbled.

PayPal is currently EBay’s payments processor, meaning merchants selling on the marketplace have to have PayPal accounts to accept funds, and it will remain a checkout option for EBay shoppers at least until July 2023. But Adyen will gradually take over processing EBay payments, beginning in North America this year and will handle a majority of transactions in 2021.

EBay said the shift will result in lower payment processing costs for merchants selling on the platform and greater options for buyers. Adyen accepts payments in 150 currencies. PayPal could see a big blow to its total payments volume. Shoppers purchased $24.4 billion in goods on EBay properties in the final quarter of 2017.

Analysts had largely expected the agreement to continue, and there will be concerns about total payment volume going forward despite EBay becoming a smaller portion of that number over the past few quarters. PayPal hasn’t provided analysts with much color on the impact yet.

"EBay’s decision to reduce PayPal’s prominence represents a major setback for PayPal," said Gil Luria, an analyst at D.A. Davidson & Co. "Although the share of revenue from EBay has diminished over the years, the share of profit is far more substantial due to the terms of the spinoff. Furthermore, the possible deal to add Adyen more prominently helps propel Adyen to a much more meaningful competitive position."

EBay rose as much as 14 percent, to $46.22 Thursday, the biggest intraday increase since October 2015 and a record high. PayPal fell as much as 8.5 percent, to $78.08.

The announcement surprised some investors, who expected the companies to announce an extension to their operating agreement. PayPal has played an integral role in processing payments on EBay for 15 years and offers credit products that help EBay shoppers buy more goods.

“The planned evolution of our relationship with EBay is consistent with our strategic direction and growth opportunities and does not alter our financial guidance,” PayPal spokeswoman Amanda Miller said.

PayPal separated from EBay in 2015 to concentrate on expanding its electronic transactions business without being shackled to the slow-growing online marketplace. The separation included an agreement that EBay would continue to use PayPal to process payments on the site. EBay purchased PayPal in 2002 and phased out its own competing payments service at the time.

PayPal said total payment volume rose in the fourth quarter as active customer accounts hit 227 million. Earnings excluding some costs were 55 cents a share, compared with the average forecast for 52 cents.

In its earnings report Wednesday, EBay said gross merchandise volume, a key metric of the value of goods sold on the site, rose 10 percent to $24.4 billion in the fourth quarter, as the number of active buyers on the platform increased. Double-digit growth was a big milestone for CEO Devin Wenig, who has been working on a turnaround.

To contact the reporters on this story: Spencer Soper in Seattle at ssoper@bloomberg.net, Julie Verhage in New York at jverhage2@bloomberg.net.

To contact the editors responsible for this story: Jillian Ward at jward56@bloomberg.net, Molly Schuetz, Alistair Barr

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