PayPal’s 3Q earnings, sales lead expectations for increased payment volume
By Denny Jacob
PayPal Holdings Inc. posted better-than-expected earnings and sales in the last quarter, indicating that its customer base continues to spend despite the inflationary environment.
The San Jose, Calif.-based payments company reported net income of $1.33 billion, or $1.15 per share, for the third quarter ended Sept. 30, from $1.09 billion, or 92 cents per share, a year earlier. Adjusted earnings were $1.08 per share, above analysts’ estimates of 96 cents.
Revenue went from $6.18 billion to $6.85 billion. Analysts polled by FactSet expected $6.81 billion.
PayPal said total payment volume increased 9% to $337 billion in the quarter.
The company said it was working with Apple Inc. to expand its offerings to PayPal and Venmo users. PayPal said U.S. customers will be able to add PayPal and Venmo-branded credit and debit cards to Apple Wallet next year and use them anywhere Apple Pay is accepted, among other offerings.
“We are very pleased to be working with Apple to improve our offerings for our PayPal and Venmo merchants and consumers,” Chief Executive Dan Schulman said.
Write to Denny Jacob at [email protected]
(END) Dow Jones Newswire
November 03, 2022 4:59 p.m. ET (8:59 p.m. GMT)
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