PayPal posts its strongest quarterly growth ever
The company has topped consensus revenue estimates three times over the last four quarters
Stocks impacted: PayPal Holdings Inc (PYPL)
After the market closed on Monday, the digital payment processor reported record revenue of $5.46 billion, up 25% year over year (including the acquisition of Honey). The company has topped consensus revenue estimates three times over the last four quarters. Furthermore, the results marked the second consecutive quarter of record-setting results for the company. PayPal earnings rose 41% to an adjusted $1.07 per share. Total payment volume rose 38% to $247 billion amid the coronavirus lockdowns. For the fourth quarter, PayPal expects adjusted profit to grow in a range of 17% to 18%, below analysts' estimated growth of about 24%. This is in part because of uncertainty due to the pandemic and its impact on the global economy. Despite strong results, PayPal stocks fell 6% in after-hours trade following the report.
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