By Allison Prang 
 

PayPal Holdings Inc. (PYPL) reported higher revenue, but lower profit as the company recorded a tax hit from buying iZettle.

PayPal's profit fell to $507 million, down 13%. The company reported earnings of 43 cents a share, down from 49 cents a share the comparable quarter a year ago. The company said its earnings were negatively affected by about 19 cents a share from taxes due to acquiring iZettle.

Adjusted earnings were 86 cents a share, up from 69 cents a share. Analysts' consensus was 83 cents a share according to FactSet.

Net revenue of $4.96 billion was 17% higher than a year ago. Analysts were expecting $4.94 billion.

 

Write to Allison Prang at allison.prang@wsj.com

 

(END) Dow Jones Newswires

January 29, 2020 16:49 ET (21:49 GMT)

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