PayPal 3Q Profit, Sales Top Expectations on Rising Payment Volume

By Denny Jacob

PayPal Holdings Inc. posted better-than-expected profit and sales in the latest quarter, indicating that its customer base is still spending despite the inflationary environment.

The San Jose, Calif.-based payments company recorded net income of $1.33 billion, or $1.15 a share, for the third quarter ended Sept. 30, up from $1.09 billion, or 92 cents a share, a year earlier. Adjusted earnings were $1.08 a share, above analysts' estimates of 96 cents.

Revenue rose to $6.85 billion from $6.18 billion. Analysts polled by FactSet expected $6.81 billion.

PayPal said total payment volume increased 9% to $337 billion in the quarter.

The company said it's working with Apple Inc. to expand its offerings for PayPal and Venmo users. PayPal said U.S. customers next year will be able to add PayPal and Venmo network-branded credit and debit cards to Apple Wallet and use them wherever Apple Pay is accepted, among other offerings.

"We're very pleased to be working with Apple to enhance our offerings for our PayPal and Venmo merchants and consumers," said Chief Executive Dan Schulman.

Write to Denny Jacob at [e-mail]

(END) Dow Jones Newswires

November 03, 2022 16:59 ET (20:59 GMT)

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