1 month ago
Thu 06th May 2021 | 08:40 AM
San Francisco, May 6 (UrduPoint / Pakistan Point News - 6th May, 2021 ) :PayPal on Wednesday reported record quarterly profit as the online financial transactions service benefited from an e-commerce trend boosted by the pandemic.
PayPal said it made a profit of $1.1 billion in the recently ended quarter, compared with $84 million in the same period last year.
"Our strong first quarter results demonstrate sustained momentum in our business as the world shifts into the digital economy," PayPal chief executive Dan Schulman said in an earnings release.
PayPal handled some 4.4 billion payment transactions in the quarter, with a total value of $285 billion, the Silicon Valley-based company said.
Revenue in what the company said was its best first-quarter financial performance ever was $6.
The expansion into the hot digital money trend came on the heels of PayPal allowing people in the United States to use cryptocurrency to make purchases frommillions of merchants that use the financial platform for online transactions.
The payments giant had already let users buy, sell or store digital money.
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