PayPal quarterly profit jumps on spending boost

Payments processor PayPal Holdings Inc reported a 209% jump in fourth-quarter profit on Wednesday, driven by a surge in online spending from consumers staying indoors due to the COVID-19 pandemic.

Net income jumped to $1.57 billion, or $1.32 per share, for the quarter ended Dec. 31 from $507 million, or 43 cents per share, a year earlier.