PayPal tops estimates on online spending surge
PayPal Holdings Inc beat Wall Street estimates for quarterly profit on Wednesday as coronavirus-related restrictions across the world drove a surge in digital payments. Digital payments have got a boost since the start of the pandemic as people stuck indoors rely on mobile apps for shopping and paying bills. It was, however, not immediately clear if the numbers were comparable.
PayPal Holdings Inc beat Wall Street estimates for quarterly profit on Wednesday as coronavirus-related restrictions across the world drove a surge in digital payments.
Digital payments have got a boost since the start of the pandemic as people stuck indoors rely on mobile apps for shopping and paying bills. The company reported a 39% rise in total payment volumes to $277.1 billion in the fourth quarter ended Dec. 31.
Net income jumped to $1.57 billion, or $1.32 per share, from $507 million, or 43 cents per share, a year earlier. Analysts had expected PayPal to earn $1 per share. It was, however, not immediately clear if the numbers were comparable.
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