PayPal’s stock surged Tuesday afternoon after the payments giant confirmed Elliott Investment Management has taken a $2-billion stake and revealed plans to spend $15 billion on share repurchases. The company also announced deep cost cuts and a new chief financial officer.

“PayPal has an unmatched and industry-leading footprint across its payments businesses and a right to win over the near- and long-term,” said Elliott Managing Partner Jesse Cohn, a day after the activist hedge fund disclosed a sizable investment in social media company Pinterest.

The comments came alongside PayPal’s second-quarter earnings report, which revealed a 10% year-over-year rise in net revenues but a 19% fall in earnings per share. Transactions per active account climbed 12% and PayPal slightly raised its forecast for adjusted earnings-per-share for the year.

PayPal also unveiled a new $15 share buyback program and plans to slash $900 million in costs in 2022, with savings expected to reach $1.3 billion next year. Electronic Arts executive Blake Jorgensen is to join PayPal as its new chief financial officer, the payments company added in its Tuesday statement.

The payments company’s many platforms are hurt by steep inflation, supply chain disruptions, and a return to in-person shopping. PayPal CEO Dan Schulman, who has been working on a turnaround plan in recent months, said on Tuesday that his team and Elliott were largely aligned on how to improve the business.

“Our discussions are focused on operational improvements, revenue-generating investments, and capital allocation,” Schulman said. “We’ve been working on a number of initiatives such as improved profitability and return of capital, and we appreciate Jesse’s collaboration and input on these important topics.”

PayPal shares rose 14% following the release of the results Tuesday and were up 11% at $99.40 in pre-market trading Wednesday. Still, this is about 50% below their level at the start of the year.