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
