PayPal profit jumps 86% on pandemic-driven online spending shift
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PayPal Holdings Inc (PYPL.O reported an 86% jump in second-quarter profit on Wednesday as the e-commerce payments processor benefited from the shift to online spending amid the coronavirus pandemic.
Net income increased to $1.53 billion, or $1.29 per share, in the quarter ended June 30, from $823 million, or 69 cents per share, a year earlier.
The results reflected an unrealized investment gain worth 58 cents a share and included additional loan loss reserves amounting to 7 cents a share, down from the 17-cent reserve addition in the first quarter.
On an adjusted basis, the company said net income rose to $1.26 billion, or $1.07 per share, from $848 million, or 71 cents per share, a year earlier.
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