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Grim outlook dulls pace of PayPal’s quarterly earnings

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The PayPal application can be seen on a smartphone in this illustration taken on July 13, 2021. REUTERS / Dado Ruvic / Illustration / File Photo / File Photo

July 28 (Reuters) – Shares of PayPal Holdings Inc (PYPL.O) fell 8% amid the payments company’s unfavorable earnings outlook for the current quarter, which outweighed better-than-earnings expected in the second quarter following a digital switchover caused by a spending pandemic.

The continued transition of EBay Inc (EBAY.O) to its own managed payment platform instead of using PayPal for its e-commerce platform has taken a heavy toll on the latter’s performance for the rest of 2021.

PayPal has been among the big winners in the COVID-19 pandemic, as more people have used its services to shop online and pay bills to avoid going out. Businesses, forced to move their stores online, have also flocked to PayPal.

This helped the company process a total of $ 311 billion in payments in the second quarter ended June 30, up 40% from the previous year, and added 11.4 million new net asset accounts.

Total second-quarter revenue rose 19% to $ 6.24 billion, but estimates of $ 6.27 billion were missed, Refinitiv data shows, further hurting stocks .

PayPal said it expects third-quarter net revenue to be between $ 6.15 billion and $ 6.25 billion, growing around 13% to 14% at current spot rates, but without the average analyst estimate of $ 6.45 billion.

PayPal, based in San Jose, Calif., Also said it expects adjusted earnings of $ 1.07 per share, in line with the previous year, but lower than estimates of $ 1.14.

He expects total annual payment volumes to grow between 33% and 35% on a cash and currency neutral basis.

On an adjusted basis, PayPal made second-quarter earnings of $ 1.15 per share, against analysts’ expectations of $ 1.12 per share, according to data from Refinitiv.

Venmo, PayPal’s app that allows individuals in the United States to send and receive money, processed $ 58 billion in payments, up 58% from the previous year.

Report by Noor Zainab Hussain in Bengaluru; Editing by Shinjini Ganguli

Our standards: Thomson Reuters Trust Principles.

Sources

1/ https://Google.com/

2/ https://www.reuters.com/technology/paypal-beats-estimates-online-spending-boost-2021-07-28/

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