Home / World News / Paypal reports 86% jump in Q1 profit due to e-commerce growth; stock up 6%

Paypal reports 86% jump in Q1 profit due to e-commerce growth; stock up 6%

The company expects earnings per share for the full year to increase about 25% on 22% revenue growth

A PayPal card sits at a cashier station at a Home Depot store in Daly City, California

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Three months ago, the company had withdrawn full-year guidance because of uncertainty about the economic consequences of the coronavirus pandemic.

David Henry | Reuters

2 min read Last Updated : Jul 30 2020 | 12:37 PM IST

Payments processor PayPal Holdings Inc said on Wednesday that a surge in e-commerce transactions and new accounts that drove quarterly profits 86% higher was continuing and would support additional investments in mobile-payment tools.

The news lifted the stock as much as 6% in after-hours trading. The stock, seen as an e-commerce investment play, was already up 44% since PayPal last reported results on May 6.

The company said it expected the trends to continue and that it now expected earnings per share for the full year to increase about 25% on 22% revenue growth.

Three months ago, the company had withdrawn full-year guidance

Topics : Coronavirus PayPal e-commerce growth Digital transaction

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