PayPal Says Indicators of 86% Profit Rise Spending Cash Payments in Stores

(Reuters) – Payments processor PayPal Holdings Inc (PYPL.O) said on Wednesday that a surge in e-commerce transactions and new accounts that drove quarterly profits up 86% was continuing and would support further investment in mobile payment tools.

The news pushed the stock up to 6% after hours. The stock, considered an ecommerce investing game, was already up 44% since PayPal’s last earnings release on May 6.

The company said it expects the trends to continue and now expects full-year earnings per share to increase by about 25% on 22% growth in income.

Three months ago, the company withdrew its forecast for a full year due to uncertainty over the economic consequences of the coronavirus pandemic.

“We have more confidence in the elevated trends in e-commerce that we are seeing,” CFO John Rainey told analysts.

What at the end of April looked like a potentially short-lived wave of panic buying backed by government stimulus checks has turned into “lasting and profound behavior change,” Rainey said.

The company processed $ 222 billion in payments during the period, up 30% from the previous year, adjusted for exchange rates. The growth rate of payments compares to a 26% increase a year earlier that had slowed to 19% in the first quarter when the pandemic hit and retail spending largely collapsed.

The company added 21.3 million accounts in the quarter, up 137% from the previous year.

The company said it will invest an additional $ 300 million this year, mainly on its mobile phone app that displays QR codes so people can go to stores and pay without touching anything.

Net income rose to $ 1.53 billion, or $ 1.29 per share, in the quarter ended June 30, from $ 823 million, or 69 cents per share, a year earlier. []

Revenue rose 25% to $ 5.26 billion, beating analysts’ average estimate of $ 5.0 billion.

Report by David Henry in New York; Additional reporting by C Nivedita; Edited by Marguerita Choy, Richard Pullin and Peter Cooney

Our standards:Thomson Reuters Trust Principles.

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