E-commerce payments processor PayPal Holdings Inc beat Wall Street estimates on Wednesday with an 86% increase in quarterly profit, driven by the shift to online spending amid the coronavirus pandemic.
) beat Wall Street estimates on Wednesday with an 86% increase in quarterly profit, driven by the shift to online spending amid the coronavirus pandemic.
The company said it expects the trends to continue and said that for the full year it now expects earnings per share to increase about 25% on 22% revenue growth. Net income increased to $1.53 billion, or $1.29 per share, in the quarter ended June 30, from $823 million, or 69 cents per share, a year earlier. [The results reflected an unrealized investment gain worth 58 cents a share and included additional loan loss reserves amounting to 7 cents a share, down from the 17-cent reserve addition in the first quarter.
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