By Cassandra Jaramillo
PayPal Holdings Inc. on Wednesday said earnings and revenue rose
in the quarter ended in June.
The company, which officially split from eBay Inc. this month,
released its latest quarter of financials in a filing with the
Securities and Exchange Commission on Wednesday. EBay had reported
earnings on July 16 that included PayPal's revenue.
Last week, PayPal started trading as a public company after the
split, though the two companies still work together. EBay in its
second-quarter earnings report said that it accounted for about 22%
of PayPal's total payment volume, down from 27% a year earlier.
PayPal said in the filing that it had received $3.8 billion in
cash from eBay as part of its capitalization. PayPal also said eBay
gave it property and equipment with a book value of $208
million.
Overall for the period ended June 30, PayPal reported a profit
of $305 million, or 25 cents a share, up from $281 million, or 23
cents a share, a year earlier. Excluding certain items, the company
posted a profit of 33 cents, up from 29 cents the previous
year.
Revenue rose to $2.3 billion from $1.98 billion.
Shares of PayPal were inactive in after-hours trading.
Write to Cassandra Jaramillo at cassandra.jaramillo@wsj.com
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