After a strong quarterly result, the payment service provider PayPal presented its balance sheet for the past quarter after market close on the US exchanges on Wednesday. The group recorded a profit of $1.3 per share, thus exceeding analysts' expectations.
On average, these only expected a result of $1.23 per share. Compared to the same period of the previous year when PayPal recorded a profit of $1.08 per share, this represents a significant increase.
PayPal also showed an impressive result in terms of revenue in the third quarter of 2023. The US corporation reported a revenue of 7.42 billion US dollars, which represents an increase compared to the same period last year (6.85 billion US dollars). The expert estimates for the current quarterly revenue were previously around 7.39 billion US dollars.
Despite strong revenue growth, PayPal had to accept a drop in profit. It fell by 23 percent to $1.02 billion. However, the group was able to exceed analysts' expectations with its profit forecast for the current quarter.
On NASDAQ, the PayPal stock showed strength in pre-market trading on Wednesday, temporarily increasing by 6.35 percent to 54.94 US dollars. Thus, investors were impressed with the impressive quarterly results of the payment service provider.
Overall, PayPal was able to further expand its leading position in the payment service market last quarter. With innovative solutions and strong growth, the corporation was able to convince both investors and analysts.
