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PayPal Holdings Inc. (PYPL) reported its third-quarter financial results after the closing bell on the Monday.
The company reported revenue of $6.18 billion (13% increase year-over-year) in Q3, below $6.23 billion expected by the analysts on Wall Street. Earnings per share at $1.11 per share (4% increase year-over-year) vs. $1.07 per share expected.
Other key metrics in Q3:
PayPal also announced it is teaming up with Amazon to enable Venmo (mobile payment service owned by PayPal) pay with Venmo on Amazon from next year.
Company CEO, Dan Schulman commented on the results: ”Our third quarter results show solid growth on top of a record year. The strength of PayPal’s two-sided platform and ubiquity in our core markets has set us up to grow at scale, expand our work with existing merchants and attract new partners. We’re thrilled that we are teaming up with Amazon to enable customers in the U.S. to pay with Venmo at checkout.”
PayPal Holdings Inc. (PYPL) chart (1Y)
Share price of PayPal was trading lower in the after-hours trading following the latest financial results, down by around 5%. The stock is up by 24% in the past year at $229.42 per share.
PayPal is the 35th largest company in the world with a total market cap of $269.57 billion.
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Sources: PayPal, Refinitiv, TradingView
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