PayPal third-quarter revenue jumps as online shopping picks up pace
2022.11.03 16:41
© Reuters. FILE PHOTO: The PayPal logo is seen at an office building in Berlin, Germany, March 5, 2019. REUTERS/Fabrizio Bensch/File Photo GLOBAL BUSINESS WEEK AHEAD
(Reuters) – Online payments company PayPal Holdings Inc (NASDAQ:) on Thursday posted a jump in third-quarter revenue, benefiting from a strong rebound in online shopping as consumers return to their pre-pandemic spending.
The results follow upbeat earnings from bigger payment giants Visa Inc (NYSE:) and American Express (NYSE:) that underscore the strength in U.S. consumer spending, despite high inflation and rising interest rates.
PayPal’s net revenue jumped 12% on an adjusted basis to $6.85 billion in the quarter.
Payment volumes rose 14% to $337 billion on an adjusted basis, closely mirroring Visa’s 10% jump this quarter.
