PayPal: Covid-19 Hit Volume, Travel and Events Revenue in March
May 06 2020 - 5:08PM
Dow Jones News
By Allison Prang
PayPal Holdings Inc. said the Covid-19 pandemic impacted volumes
and travel and events revenue in March, and the fintech company
increased its credit loss reserves to account for a change in
economic projections.
PayPal said net income for the first quarter was $84 million, or
7 cents a share. Earnings fell from a year ago when profit was $667
million, or 56 cents a share. Adjusted earnings were 66 cents a
share, under Wall Street's consensus estimate of 75 cents a
share.
Net revenue increased 12% to $4.62 billion. Analysts expected
$4.74 billion.
Operating expenses rose 17% to $4.22 billion and transaction and
credit losses jumped $250 million to $591 million.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
May 06, 2020 16:53 ET (20:53 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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