PayPal Holdings Inc. (NASDAQ: PYPL) announced financial results for the first quarter of 2024, reporting an increase in revenues and adjusted profit. The top line also exceeded analysts’ estimates.
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First-quarter revenues came in at $7.7 billion, compared to $7.04 billion in the corresponding period of 2023. Analysts were looking for a slower increase. For the second quarter, the company expects revenues to grow by around 6.5%.
Adjusted earnings were $1.08 per share in the three months, compared to $0.85 per share in the year-ago quarter. On a reported basis, net profit increased to $888 million or $0.83 per share in Q1 from $795 million or $0.70 per share last year.
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