Payment solutions firm PayPal Holdings Inc. (NASDAQ: PYPL) reported stronger-than-expected earnings for the third quarter of 2021. The company’s stock gained during Monday’s extended trading session soon after the announcement.
Total payment volumes grew 26% year-over-year to $310 billion in the September quarter. Consequently, total revenues moved up 13% to $6.18 billion. Analysts had forecast a faster top-line growth.
Adjusted profit rose to $1.11 per share from last year’s $1.07 per share and exceeded expectations. Net income, including special items, was $1.08 billion or $0.92 per share, compared to $1.02 billion or $0.86 per share in the third quarter of 2020.
PayPal’s shares closed Monday’s regular trading session higher, after gaining around 22% since the beginning of the year.
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