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PayPal post strongest Q1 as net profits hit $1.10 billion

ELECTRONIC commerce company, Paypal, posted impressive growth in its revenues in the first quarter of 2021 by the growing usage of the digital economy.

The fintech company stated it had revenues of $6.03 billion in Q1 and earnings per share of $1.22, exceeding the $1.01 forecast of analysts.

“Our strong first-quarter results demonstrate sustained momentum in our business as the world shifts into the digital economy,” CEO Dan Schulman said in a statement.

PayPal currently has 392 million active accounts with net profit in Q1 rising to $1.10 billion from $84 million a year earlier.

With online shopping hitting a record high last year after the Covid-19 outbreak in 2019, the fintech giant is riding high, though some market pundits argue that such could change as the pandemic eased. PayPal’s stellar performance does not look likely to succumb to the predictions.

The company’s impressive performance was also reflected in the addition of 14.5 million new active accounts, with 1.5 million new merchant accounts included, bringing the total merchant accounts to 31 million globally.

The CFO, John Rainey added, “Our record-breaking first quarter results underscore the ongoing strength, diversification, and relevance of our scaled, two-sided, global payments platform. We are raising our FY’21 guidance based on these strong results.” 

Paypal has levelled up its service offerings, adding to its options: the ability for splitting up purchases and paying them off for a period of time, along with the ability to purchase and sell cryptocurrency such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

Based on recent price actions, PayPal rose as high as $259.55 in extended New York trading, and posted gains of 4.65% after the announcement was made.

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