PayPal Holdings Inc. (NASDAQ: PYPL) reported stronger-than-expected earnings and revenues for the first quarter of 2021. Shares of the payment service provider gained during Wednesday’s extended trading session soon after the announcement.
Payment volumes grew 50% year-over-year to $285 billion in the March quarter. Consequently, total revenues moved up 31% to $6.03 billion. Analysts had forecast slower growth.
Adjusted profit rose to $1.22 per share from last year’s $0.66 per share and exceeded expectations. Net income, including special items, was $1.09 billion or $0.92 per share, compared to $84 million or $0.07 per share in the first quarter of 2020.
PayPal’s shares closed Wednesday’s regular trading down 1%, after gaining more than 7% since the beginning of the year.
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