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Paypal's profit and revenue up in first quarter

09 May 2023 09:18am
PayPal reported adjusted earnings of US$1.33 billion or US$1.17 per share last year - PayPal photo
PayPal reported adjusted earnings of US$1.33 billion or US$1.17 per share last year - PayPal photo
WASHINGTON - Online payment firm PayPal's profit increased for the first quarter and beat the Street estimates, the company reported on Monday.

The company's earnings totalled US$795 million, or US$0.70 per share. This compares with US$509 million, or US$0.43 per share, in last year's first quarter, reported German news agency (dpa).

Excluding items, PayPal reported adjusted earnings of US$1.33 billion or US$1.17 per share for the period. Analysts on average had expected the company to earn US$0.98 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 8.6 per cent to US$7.04 billion from US$6.48 billion last year. -Bernama-dpa

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