PayPal profit exceeds estimates, US Venmo users can pay on Amazon from next year

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A smartphone with the PayPal logo is placed on a laptop in this illustration taken on July 14, 2021. REUTERS / Dado Ruvic / Illustration / File Photo

Nov. 8 (Reuters) – PayPal Holdings Inc (PYPL.O) topped Wall Street estimates for quarterly profit and said US users of its peer-to-peer payment service Venmo would be able to pay on Amamzon .com (AMZN.O) starting next year.

The company became one of the big winners in the COVID-19 pandemic as more businesses moved online and consumers preferred to use phones and other digital means to pay their bills and do their shopping.

Net income for the San Jose, Calif.-Based digital payments company reached $ 1.09 billion, or 92 cents per share, in the quarter ended Sept. 30, from $ 1.02 billion, or 86 cents per share, a year earlier.

On an adjusted basis, PayPal gained $ 1.11 per share, above the average analyst estimate of $ 1.07, according to IBES data from Refinitiv.

Third-quarter net sales increased more than 13% to $ 6.18 billion.

The payments giant has expanded its offer with acquisitions. In September, the company announced it was buying Japanese firm Paidy, Buy Now, Pay Later (BNPL) in a $ 2.7 billion deal.

However, the company said last month that it was not pursuing the takeover of digital bulletin board site Pinterest Inc (PINS.N), after media said it was in talks to buy the platform. form of social media for up to $ 45 billion.

Reporting by Niket Nishant and Sohini Podder in Bengaluru; Editing by Sriraj Kalluvila, Bernard Orr

Our Standards: Thomson Reuters Trust Principles.


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