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A PayPal sign is seen at an office building in San Jose, California May 28, 2014. REUTERS/Beck Diefenbach
PayPal on Wednesday reported record quarterly profit as the online financial transactions service benefited from an e-commerce trend boosted by the pandemic.
PayPal said it made a profit of $1.1 billion in the recently ended quarter, compared with $84 million in the same period last year.
“Our strong first-quarter results demonstrate sustained momentum in our business as the world shifts into the digital economy,” PayPal chief executive Dan Schulman said in an earnings release.
PayPal handled some 4.4 billion payment transactions in the quarter, with a total value of $285 billion, the Silicon Valley-based company said.