Wall Street analysts looked past a surprisingly shaky first quarter for payment processors PayPal Holdings Inc and Square Inc hoping that the shift towards more online buying will see their businesses surge this year.
FILE PHOTO: The PayPal logo is seen at an office building in Berlin, Germany, March 5, 2019. REUTERS/Fabrizio Bensch
The decline tied in with the record drop in U.S. retail sales in March, indicating shoppers cut back on non-discretionary spending. The company reported “unprecedented” use of its platform over the past month, adding a record 7.4 million net new customers for the month of April. “On May 1, we had our largest single day of transactions in our history, larger than last year’s transactions on Black Friday or Cyber Monday,” PayPal’s Chief Executive Officer Daniel Schulman told analysts on a post-earnings conference call.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Virus Brings Both Credits and Debits to PayPal and SquareLocked-down consumers are figuring out how to buy things online that they used to get in stores. The question for the digital-payments industry is how permanent that shift will be.
Read more »
PayPal profit slumps as COVID-19 weighs on spendingPayPal Holdings Inc posted a 87.4% slump in quarterly profit on Wednesday as COVID-19 lockdowns hit consumer spending and forced the payments processor to boost its credit loss reserves, sending its shares down 3.7% in extended trading.
Read more »
PayPal sees strong second quarter as online spending surgePayPal 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.
Read more »
Lyft to address existential questions, while PayPal and Square earnings will shed light on payments amid pandemicThe COVID-19 outbreak could be a blip in the road for ride-hailing companies — or the start of an existential crisis.
Read more »
Riverdale's Love Square Is Not OverShowrunner Roberto Aguirre-Sacasa opens up about what would have been and what's coming next season after that mysterious finale
Read more »
Madison Square Garden Spun-Off Its Sport And Entertainment Businesses. Here’s Why Both Stocks Are Undervalued, Investors SayRevenue potential from The Sphere, Las Vegas project may be getting overlooked by the market.
Read more »