PayPal Holdings Swings to Loss in 2Q
August 02 2022 - 3:52PM
Dow Jones News
By Denny Jacob
PayPal Holdings Inc. said Tuesday it swung a loss but beat
analysts' expectations for revenue in the second quarter.
The San Jose, Calif.-based payments company swung to a loss of
$341 million, or 29 cents a share, for the three months ended June
30, compared to a gain of $1.18 billion, or $1 a share, a year
earlier. Adjusted earnings were 93 cents a share, above analysts'
expectations of 87 cents a share.
Revenue rose to $6.81 billion from $6.24 billion. Analysts
polled by FactSet had expected $6.78 billion.
PayPal said it recorded $339.8 billion in total payment volume,
up 9% on a spot basis and 13% on a foreign exchange neutral
basis.
Chief Executive Dan Schulman said the company continues to
execute across its initiatives even as it drives operational
efficiency across the business.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
August 02, 2022 16:37 ET (20:37 GMT)
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