Market Updates
PayPal Swings to Quarterly Loss
Scott Peters
03 Aug, 2022
New York City
PayPal Holdings increased 9.6% to $98.30 after the payment processing company posted better-than-expected earnings and revised its outlook.
PayPal said second quarter revenues increased 9% to $6.8 billion and said total payment volume on its platform increased 9% to $339.8 billion from a year ago.
PayPal swung to a quarterly loss of $341 million or 29 cents a diluted share from $1.2 billion or $1.00 a diluted share a year ago.
Free cash flow increased 22% to $1.3 billion from $1.1 billion a year ago.
The company guided full-year 2022 revenues to increase 10% to $27.8 billion and total payment volume to jump 12% on spot basis to $1.4 trillion.
PayPal estimates 2022 earnings per share to fall between $1.52 and $1.62.
PayPal added 400,000 net new accounts in the quarter increasing its total active accounts 6% to 429 million and transaction processed increased 16% to 5.5 billion.
Payments processed per active account increased 12% to 48.7 in the last twelve months.
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