PayPal Holdings Inc. (NASDAQ: PYPL) reported stronger-than-expected earnings and revenues for the fourth quarter of 2020. Shares of the payment service provider gained during Wednesday’s extended trading session soon after the announcement.
Payment volumes grew 39% to $277 billion in the December-quarter. Consequently, total revenues moved up 23% to $6.12 billion. Analysts had forecast slower growth.
Adjusted profit rose to $1.08 per share from last year’s $0.83 per share and exceeded expectations. Net income, including special items, was $1.57 billion or $1.32 per share, compared to $507 million or $0.43 per share in the fourth quarter of 2019.
PayPal’s shares closed Wednesday’s regular trading at $1251.90, up 1.2%, after gaining more than 70% since the beginning of the year.
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