Paypal, Estimate

Paypal, Estimate

PayPal beats estimates on online spending boost

PayPal beats estimates on online spending boost

29/7/2021 12:07:00 AM

PayPal beats estimates on online spending boost

PayPal Holdings Inc reported better-than-expected quarterly results on Wednesday, benefiting from a pandemic-driven shift to online shopping and ...

BusinessPayPal Holdings Inc reported better-than-expected quarterly results on Wednesday, benefiting from a pandemic-driven shift to online shopping and digital transactions and a rise in consumer spending as economies reopen.FILE PHOTO: PayPal app is seen on a smartphone in this illustration taken, July 13, 2021. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo

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29 Jul 2021 04:30AMShare this contentBookmarkREUTERS: PayPal Holdings Inc reported better-than-expected quarterly results on Wednesday, benefiting from a pandemic-driven shift to online shopping and digital transactions and a rise in consumer spending as economies reopen.

San Jose, California-based PayPal processed a total of US$311 billion in payments in the second quarter ended June 30, up 40per cent from a year earlier, and added 11.4 million net new active accounts.AdvertisementAdvertisementThe company said it now expects annual total payment volumes to rise between 33per cent and 35per cent. headtopics.com

PayPal has been among the big winners of the COVID-19 pandemic as people afraid to catch the virus used its payment services to shop and pay bills online from the safety of their homes.The company reported a net income of US$1.18 billion, or US$1 per share, in the second quarter.

On an adjusted basis, PayPal earned a profit of US$1.15 per share, compared with analysts' expectations of US$1.12 per share, according to Refinitiv data.AdvertisementAdvertisementTotal revenue rose 19per cent to US$6.24 billion, above estimates of US$6.27 billion.

Venmo, PayPal's app that allows individuals in the United States to send and receive money, processed US$58 billion in payments, up 58per cent from a year earlier.(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Shinjini Ganguli) Read more: CNA »

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