(Bloomberg) -- PayPal Holdings Inc. fell as much as 6.5%, the most since August, after rolling out several product enhancements that fell short of some investors’ expectations.

Optimism had been building after Chief Executive Officer Alex Chriss promised to “shock the world” in an interview on CNBC last week. Shares climbed about 5% in the days following the announcement, but slumped Thursday after the product announcements.

The upgrades included the chance to earn cash back through the PayPal app and a streamlining of the online checkout process for consumers, the San Jose, California-based firm said in a statement Thursday. New features include a one-click transaction experience after a customer saves payment information. 

“The announcements, while encouraging for a longer-term turnaround, could be underwhelming for investors that were looking for more specific catalysts coming out of today’s event,” analysts at Keefe, Bruyette & Woods said in a note. “We see these as a gradual process of improvement that is likely to take time before they start to yield any positive results.”

Shares of the company dropped 3.1% at 1:31 p.m. in New York, after falling as much as 6.5%, the biggest tumble since Aug. 3. They’re down 23% in the past year.

Among the other enhancements announced Thursday, businesses using the firm’s Venmo product will have access to “subscribe” buttons, and merchants can promote themselves and give their customers more personalized recommendations, PayPal said.

“We’re about to embark on the next trend,” Chriss said in an interview. “We’re now going to be focusing on AI personalization of commerce.”

The enhancements were “very good long-term news,” Oppenheimer & Co.’s Dominick Gabriele said in a note, but “some investors were expecting medium- and long-term financial targets along with this presentation, and targets weren’t provided.”

Chriss, who was named CEO in August, has said he aims to revive PayPal after a rocky few years. He said last week that there recently hasn’t been much to celebrate at the firm, a comment backed up by a plunging share price and a less optimistic outlook for adjusted operating margin – a key metric.

Chriss blamed the lackluster performance on the firm’s acquisitions, adding that he aims to “right-size” PayPal.

E-commerce sales could reach 33% of US retail revenue in the next three years, according to Bloomberg Intelligence, and with more consumers turning online for retail spending, “merchants need new, advanced ways to speed consumers through checkout in a seamless way that reduces lost sales,” the company said in the statement.

Chriss said technology gives merchants the ability to sell to consumers all over the world, but the difficulty is finding the right ones without busting the budget.

“We’re now focused on the problem of the next decade,” he said.

--With assistance from Bre Bradham.

(Adds comment from analysts’ comments starting in the fourth paragraph.)

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