PayPal company has announced the “strongest quarter” in its history

News

PayPal company has announced the “strongest quarter” in its history

04.08.2020 News

Shares of PayPal, increased up to 70.7% since the beginning of the year, continued to rise after the announcement of the financial results of the 2nd quarter which ended on June 30. This is not surprising given the growth of digital payments against the background of the global pandemic COVID-19.

“The world has moved into the digital economy, and I don’t think it will go back,” – CEO Dan Schulman said in an interview with MarketWatch before the quarterly report.

He said the pandemic crisis had been a “turning point” for the digital payments industry and had accelerated the penetration of e-commerce over the past three to five months, which could otherwise have taken three to five years.

Earnings per share of PayPal in the 2nd quarter rose 24% to $ 1.07, which is $ 0.19 better than analysts’ forecasts of $ 0.88. The quarterly profit was $ 1.53 billion compared to $ 823 million a year earlier.

Revenue rose 22% and amounted to $ 5.26 billion, up from analysts’ estimate of $ 4.99 billion.

According to Sсhulman, in June there was the highest increase in total payments or the value of transactions processed on the platform, compared to last year.

Sсhulman called this period “the strongest quarter in our history.” Overall, during the quarter PayPal secured payment amount of $ 222 billion compared to $ 172 billion a year earlier and ahead of $ 210 billion that analysts predicted.

During the quarter, the company added 21.3 million new active accounts, with a total of 60 million active accounts, which the company identifies as accounts that have made a transaction through the service over a 12-month period.

The company’s management also noted that PayPal is making progress in distributing payments in stores through QR code technology in 28 markets around the world. The company has announced that company will work with CVS Health Corp. (CVS) to make it possible to pay customers via PayPal QR codes in 8,200 stores by the end of the year.

In the third quarter, PayPal expects 30% increase in total payments, 25% increase in earnings (without reference to changes in exchange rates) and 25% increase in earnings per share.

The company also re-forecast for 2020 after canceling its previous forecast earlier this year due to pandemic uncertainty. Throughout the year, the company expects an increase in total payments by 20%, revenue growth (excluding changes in exchange rates) by 22% and earnings per share by 25%.

It is remarkable hat the new forecast of PayPal exceeds the initial expectations that the company shared before the pandemic,”- said Susquehanna Financial Group analyst James Fridman. “As a matter of fact, we see this as another indication that PayPal is the beneficiary of global digital transformation trends, which are being accelerated by the pandemic.”

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