PayPal Holdings Inc reported a better-than-expected quarterly profit on Wednesday, with a coronavirus-driven shift to online shopping and digital transactions driving record levels of payment volumes.
The company has been among the big winners of the pandemic as people used its payment services to shop online and pay bills while staying indoors during the health crisis.
San Jose, California-based PayPal processed a total of $285 billion in payments in the first quarter, up 50% from a year earlier, and added 14.5 million net new active customers.
Net income jumped to $1.46 billion, or $1.22 per share, from $786 million, or 66 cents per share, a year earlier.
Analysts had expected a figure of $1.01 per share, according to Refinitiv IBES data.
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