PayPal 3Q Profit, Sales Top Expectations on Rising Payment Volume
04 November 2022 - 8:14AM
Dow Jones News
By Denny Jacob
PayPal Holdings Inc. posted better-than-expected profit and
sales in the latest quarter, indicating that its customer base is
still spending despite the inflationary environment.
The San Jose, Calif.-based payments company recorded net income
of $1.33 billion, or $1.15 a share, for the third quarter ended
Sept. 30, up from $1.09 billion, or 92 cents a share, a year
earlier. Adjusted earnings were $1.08 a share, above analysts'
estimates of 96 cents.
Revenue rose to $6.85 billion from $6.18 billion. Analysts
polled by FactSet expected $6.81 billion.
PayPal said total payment volume increased 9% to $337 billion in
the quarter.
The company said it's working with Apple Inc. to expand its
offerings for PayPal and Venmo users. PayPal said U.S. customers
next year will be able to add PayPal and Venmo network-branded
credit and debit cards to Apple Wallet and use them wherever Apple
Pay is accepted, among other offerings.
"We're very pleased to be working with Apple to enhance our
offerings for our PayPal and Venmo merchants and consumers," said
Chief Executive Dan Schulman.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
November 03, 2022 16:59 ET (20:59 GMT)
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