PayPal tops Q1 estimates on resilient consumer spending
PayPal reported quarterly revenue of $8.35 billion and adjusted profit of $1.34 per share, surpassing analyst expectations. The digital payments firm benefited from steady consumer spending volumes while implementing a reorganization plan under its new chief executive.
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PAYPAL HOLDINGS INC reported first-quarter revenue rose 7% to $8.35 billion, beating analysts' expectations of $8.05 billion. Resilient spending by wealthy households drove total payment volumes up 8% to $464 billion during the quarter. Investors are tracking whether new leadership can reverse an 80% share price decline amid intensifying competition from Big Tech.
