The payment service provider PayPal presented its figures for the past financial quarter a few minutes ago. In view of higher sales revenues and growing payment volumes, these are impressive. In addition, the online payment service has raised its outlook for the full year 2024.
PayPal posted net income of $888 million, or 83 cents per share, significantly higher than in the same period last year. At that time, the company earned $795 million, or 70 cents per share. Analysts had estimated a profit of 78 cents. Adjusted for one-time items, PayPal earned $1.08 per share.
Sales increased by 9.3 percent to $7.7 billion, also exceeding expectations of $7.51 billion. The company had recently forecast growth of between 6.5 and 7.0 percent.
“2024 remains a transitional year and we are focused on executing on our key strategic initiatives, realizing cost savings and appropriate reinvestment to position the company for consistent, high-quality and profitable growth going forward,” said CEO Alex Chriss according to press release.
The CEO now expects a profit of $3.65 per share for 2024, five cents more than before. For 2023, however, PayPal still reported $3.84.
THE SHAREHOLDER recommended a factor certificate on PayPal as a trading tip this morning. Shortly after the publication of the quarterly figures, the note was already in double-digit profit. In the meantime, the share price increase has decreased and with it the performance of the certificate. However, investors stick with it while observing the stop price.
Note on conflicts of interest
The board of the publisher Börsenmedien AG, Mr. Leon Müller, has taken direct and indirect positions on the following financial instruments or related derivatives mentioned in the publication, which may benefit from any price development resulting from the publication: PayPal.