PayPal Holdings Inc. (NASDAQ: PYPL) reported stronger-than-expected earnings and revenues for the third quarter of 2020. But shares of the payment service provider dropped during Monday’s extended trading session as its guidance fell short of expectations.
Payment volumes grew 38% to $247 billion in the September-quarter. Consequently, total revenues moved up 25% to $5.46 billion. Analysts had forecast slower growth.
Adjusted profit rose to $1.07 per share from last year’s $0.76 per share and exceeded expectations. Net income, including special items, was $1.02 billion or $0.86 per share, compared to $462 million or $0.39 per share in the third quarter of 2019.
PayPal’s shares closed Monday’s regular trading at $187.76, after gaining more than 70% since the beginning of the year
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