San Jose’s PayPal Q3 profits beat estimate as online spending behaviors sustain



by SOURAV D

San Jose’s PayPal Q3 profits beat estimate as online spending behaviors sustain

PayPal Holdings Inc., the San Jose, California-headquartered American multinational payment processor, had beaten Wall Street estimates for third-quarter profits, mostly riding on the back of a sustenance in consumers’ behavior to spend more in online despite a reopening of economies in most G20 nations.

Aside from that, PayPal Holdings Inc had told earlier this week that the American users of its peer-to-peer payment service Venmo would be able to make payments on Amazon.com Inc starting from next year. Nonetheless, despite a relatively upbeat third quarterly earnings’ report, PayPal Holdings Inc shares’ prices had pummeled as much as 10.03 per cent to $205.42 apiece on Tuesday’s Wall St.

wind-down, as the payment processing behemoth has reportedly been fleshing up expenses on acquisitions. On top of that, prospects over a rapid uptick in in-store spending following a lift of international travel bans in the United States coupled with a profit-taking wave had weighed heavily on PayPal Holdings Inc shares.

PayPal Inc third-quarter profit beats estimate

According to the San Jose-headquartered payment processing megalith’s Q3, 2021 earnings’ report, PayPal Holdings Inc had reported a net income of $1.09 billion or 92 cents a share over July to September quarter, compared to a net income of $1.02 billion or 86 cents registered at the same time a year earlier, while PayPal’s operational profit rose to $1.11 per share, beating an analysts’ estimate of $1.07 a share, IBES data from Refinitiv had unveiled.

Concomitantly, PayPal posts a 13 per cent upsurge in net revenues to $6.18 billion over third-quarter of 2021 that ended on September 30.

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