World News – US – PayPal Profits Supported By Pandemic Ecommerce Boom, But Inventories Continue To Fall

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PayPal Holdings Inc continued to benefit from the booming adoption of e-commerce during the pandemic, generating more revenue and user growth than expected in a Monday earnings report

PayPal
PYPL,
087%
posted net income of $ 1.02 billion, or 86 cents per share, from $ 462 million, or 39 cents per share, in the prior year quarter Adjusted earnings per share were $ 1.07, up from 76 cents a year before and before the FactSet consensus, which called for 94 cents

PayPal’s revenue for the quarter climbed to $ 5.46 billion from $ 4.38 billion, as analysts modeled $ 5.42 billion The payment processing giant added 152 million new net active accounts in the third quarter, including 15 million merchants Net new assets total was PayPal’s second best quarterly result, behind only last quarter

â ???? It is clear that the world is accelerating towards a digital first economy, â € “ CEO Dan Schulman told MarketWatch The company’s revenue growth rate for the quarter was the highest on record, he said

Stocks fell around 6% on Monday after hours of trading after results Release PayPal stock has gained 736% so far this year as the S&P 500 index
SPX,
123%
moved 12% higher

The company processed a total payment volume of $ 247 billion, the value of payments made through its platform Analysts expected $ 232 to 7 billion The total payment volume for the Venmo platform reached $ 44 billion and marked the service’s best quarter in terms of volume

PayPal continued to see volume momentum after quarter end, spokesperson said, as the company posted a new one-day-to-day volume record in October

The revenue report comes shortly after PayPal announced that it would start allowing users to buy, sell and shop with cryptocurrencies through its platform

Looking across the landscape, there are digital currencies like cryptocurrencies and new emerging currencies like central bank digital currencies, â € “ Schulman told MarketWatch on Monday They are all clearly complemented by digital wallets and we believe our collaboration with regulators can truly usher in a new era around all forms of digital currencies.at ????

Schulman said PayPal plans to « dramatically expand its functionality » in PayPal and Venmo applications next year – to encompass a wide range of financial services and tools a ????

PayPal increased its volume and profit guidance for the year The company now expects total payment volume in the 30% growth range, compared to an earlier high growth range of 20% In summary, PayPal projects adjusted earnings per share growth of 27% to 28% for 2020, compared to an earlier estimate of around 25% growth

The company forecasts 21% to 22% revenue growth on a currency neutral basis Three months ago, he told investors to expect 20% to 22% growth

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For the fourth quarter, PayPal estimates low to medium growth of 30% in total payment volume and 20% to 25% revenue growth The company also expects 17% to 18% growth in adjusted profit by action

Shares of Norwegian Cruise Line Holdings Ltd undefined plunged into pre-market trading on Monday, after the cruise line said it was extending the suspension of its cruises to include all scheduled cruises through December 31 The stock has swung to a loss of 20% ahead of the opening, having increased by around 15% just before the release of the news « The company will continue to work in tandem with the world government and public health authorities and its Expert advisors to the Healthy Sail Panel to take all necessary measures to protect its guests, crew and the communities visited, ”the company said The stock fell 715% year-to-date through Friday, while the undefined S&P 500 gained 12%

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World news – US – PayPal profits bolstered by pandemic e-commerce boom, but stocks keep falling



SOURCE: https://www.w24news.com/news/world-news-us-paypal-profits-supported-by-pandemic-ecommerce-boom-but-inventories-continue-to-fall/?remotepost=510864

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