PayPal tops estimates on online spending surge

PayPal Holdings Inc beat Wall Street estimates for quarterly profit on Wednesday as coronavirus-related restrictions across the world drove a surge in digital payments.

Digital payments have got a boost since the start of the pandemic as people stuck indoors rely on mobile apps for shopping and paying bills.

The company reported a 39% rise in total payment volumes to $277.1 billion in the fourth quarter ended Dec. 31.

Net income jumped to $1.57 billion, or $1.32 per share, from $507 million, or 43 cents per share, a year earlier.

Analysts had expected PayPal to earn $1 per share. It was, however, not immediately clear if the numbers were comparable.

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