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PayPal announces new record quarter

4 November 2020
1757
2 min.
2
PayPal announces new record quarter

New quarter forecast from PayPal

PayPal shares increased by 73.6% since the beginning of the year and declined by 5.5% following the close of trading on Monday, when the company published its third quarter results and gave its forecast for the fourth quarter.

3rd quarter ended

Earnings per share rose 75% (QoQ) to $1.07, above the analysts' average forecast of $0.94. Quarterly earnings jumped to $1.02 billion, up from $462 million a year earlier.

Total quarterly income increased by 25% to $5.46 billion, exceeding analysts' expectations of $5.43 billion. You can see the history of quarterly income and profit of PayPal for the last 2 years by clicking here.

The Company contributed 15.2 million new accounts in the third quarter, which, although less than the 21.3 million in the second quarter, is the second largest quarterly growth in PayPal's history. The result was 361 million active PayPal accounts, which is 22% more than last year. In this context, PayPal added almost as many new accounts in the last two quarters as it did in the entire 2019. Customer acquisition also remained high, with 4.0 billion payment transactions, compared to 3.7 billion in the second quarter. Total payments for the previous quarter were $247 billion, 36% higher than analysts' estimates.

Venmo, the company's service that allows individuals in the U.S. to send money to each other through an application, processed $44 billion in payments in the third quarter, up 61% from the same quarter of 2019.

Free cash flow PayPal (funds available for investment) also increased 43% to $3.97 billion.

Daniel Schulman said: "The free cash flow of PayPal has also increased by 43% to $3.97 billion this solution will not include any additional integrations, instability risk or additional transaction fees for buyers or sellers and will sufficiently increase the utility of crypt currencies by making them available as a source of financing for purchases from 26 million traders worldwide".

Persons1 and Companies1 in the news

President and CEO of PayPal
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PayPal
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