Payment service provider PayPal Holdings Inc. (NASDAQ: PYPL) reported weaker-than-expected earnings and revenues for the first quarter of 2020. The stock dropped sharply during Wednesday’s extended trading session. The company also provided guidance for the second quarter, but withdrew the full-year outlook issued earlier.
Total payment volumes grew 19% to $191 billion in the March-quarter. Consequently, revenues moved up to $4.62 billion from $4.13 billion last year. Analysts had forecast a faster growth.
Adjusted profit remained unchanged at $0.66 per share, contrary to expectations for an increase. Net income, including special items, was $84 million or $0.07 per share, compared to $667 million or $0.56 per share in the first quarter of 2019.
PayPal’s shares closed Wednesday’s regular trading at an all-time high of $128.31. The stock has gained 16% since the beginning of the year.
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With the corporate world rapidly shifting to cloud-native computing after the virus outbreak changed work culture and the way businesses operate, technology providers are aggressively innovating their offerings. Hewlett Packard