PayPal Holdings Inc reported an 86per cent jump in second-quarter profit on Wednesday as the e-commerce payments processor benefited from the ...
PayPal Holdings Inc reported an 86per cent jump in second-quarter profit on Wednesday as the e-commerce payments processor benefited from the shift to online spending amid the coronavirus pandemic.
FILE PHOTO: The German headquarters of the electronic payments division PayPal is pictured at Europarc Dreilinden business park south of Berlin in Kleinmachnow, Germany, August 6, 2019. REUTERS/Fabrizio BenschREUTERS: PayPal Holdings Inc reported an 86per cent jump in second-quarter profit on Wednesday as the e-commerce payments processor benefited from the shift to online spending amid the coronavirus pandemic.
Net income increased to US$1.53 billion, or US$1.29 per share, in the quarter ended June 30, from US$823 million, or 69 cents per share, a year earlier.The results reflected an unrealized investment gain worth 58 cents a share and included additional loan loss reserves amounting to 7 cents a share, down from the 17-cent reserve addition in the first quarter.
On an adjusted basis, the company said net income rose to US$1.26 billion, or US$1.07 per share, from US$848 million, or 71 cents per share, a year earlier.
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