Late on Wednesday, PayPal Holdings Inc., the San Jose, California-based online payment processing giant, had reported its strongest first-quarter earnings on record and handily beaten Wall St. estimates for quarterly profits, as a pandemic-led transition towards online shopping alongside digital transactions had ramped up PayPal’s payment volume, making it the latest tech tycoon to reveal a robust earnings’ report that largely benefitted from the pandemic-driven restrictions alongside Alphabet Inc., Amazon.com Inc., Apple Inc, Microsoft Corp.
and others. More importantly, a record quarterly earnings of PayPal Holdings Inc. on its first fiscal quarter of 2021 that ended on March 31, followed an almost identical growth momentum last year on an annualized basis, as consumers turned to online shopping amid stiffer pandemic restrictions, however, PayPal Holdings Inc.’s latest-quarter record earnings appeared to have stemmed from a massive Government stimulus alongside an acceleration in inoculation drive against the pandemic pathogen.
Besides, an upbeat quarterly earnings’ report for PayPal Holdings Inc. comes over heels of large-scale gains in quarterly profits on online payment processors and credit card giants such as Visa Inc. and AmEx, while the chief of Visa Inc., the world’s largest online payment processor, had underscored a persistence rise in online shopping despite a sharp pick-up in in-person activities last month.
PayPal scores record quarterly earnings as consumers turn to online shopping
On top of that, while PayPal Holdings Inc. has been among top-tier tech winners that largely benefitted from pandemic-led restrictions as beforementioned, the Californian online payment processing giant had reported a first-quarter net income of $1.22 per share, insanely beating Wall Street expectations of $1.01 per share.
PayPal’s revenues, in tandem, space-dived as much as 31 per cent in the latest quarter on a year-on-year basis. Meanwhile, addressing to a growing consumers’ reliance on online shopping despite a rise in in-person activities, PayPal Holdings Inc.
Chief Executive Dan Schulman said in a statement late in the day, “Our strong first-quarter results demonstrate sustained momentum in our business as the world shifts into the digital economy. ” Followed by the reveal of its record quarterly earnings on fiscal Q1, 2021, shares’ prices of PayPal Holdings Inc.
rose more than 4.5 per cent to $258.90 apiece in post-market trading after rounding off the session 1.10 per cent lower to $247.40 per share.