PayPal amazed the markets with its Q2 earnings report. The company exceeded analysts’ expectations, as the pandemic made online transactions boom.
The company posted a net income of $1.53 billion, or an EPS of $1.29. It exceeded last year's figures of $823 million, or 69 cents EPS. At the same time, the adjusted EPS came in at $1.07 from 71 cents the same quarter last year.
Revenue increased to $5.26 billion from a previous of $4.31 billion. It exceeded the $4.99 billion consensus.
The value of transactions made through the PayPal platform reached $222 billion from $172 billion, beating the $210 billion expected.
Users wise, it added 21.3 million net active accounts in the past quarter.
After the report, PayPal stock rose more than 5%. In the past quarter, the stock price gained 49%, while USA500 rose 11%. Overall, it increased by 71%, while USA500 added 17%.
Sources: marketwatch.com, bloomberg.com
