PayPal Holdings Inc said it expects a strong recovery in payments volumes in the second quarter as social distancing drives more people to shop online, even as lockdowns start to ease, sending its shares up 8% in extended trading.
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 Bensch
Online retailers are seeing demand rise, boosting digital payments. PayPal said on Wednesday it added a record 7.4 million net new customers in April. In the reported quarter, PayPal’s profit plunged 87.4% as it boosted credit loss reserves, but it still beat market expectations. PayPal processed $191 billion in payments in the first quarter, up 18% from a year earlier, but missed analysts’ estimates of $194.23 billion.
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