Baxia Markets News

PayPal profits beat estimates

Written by Baxia Markets | Nov 10, 2021 8:00:00 AM

PayPal Holdings Inc beat Wall Street estimates for quarterly profit and said U.S. users of its peer-to-peer payment service Venmo would be able to pay on Amamzon.com starting next year.

 

The company emerged as one of the big winners of the COVID-19 pandemic as more businesses moved online and consumers preferred using phones and other digital means to pay bills and to shop.

 

The San Jose, California-based digital payments company's net income rose to $1.09 billion, or 92 cents per share, in the three months ended Sept. 30, from $1.02 billion, or 86 cents per share, a year earlier.

 

 

On an adjusted basis, PayPal earned $1.11 per share, above analysts' average estimate of $1.07, according to IBES data from Refinitiv.

 

Net revenue in the third quarter rose over 13% to $6.18 billion.

 

The payments giant has been beefing up its offerings with acquisitions. In September, the company announced it was buying Japanese buy now, pay later company Paidy in a $2.7 billion deal.

 

However, the company said last month it was not pursuing a buyout of digital pinboard site Pinterest Inc, after media reports said it was in talks to buy the social media platform for as much as $45 billion.

 

We love to hear new ideas from traders and want to know what you think! 

 

If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.

 

 

Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. 

 

Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.