Business

PayPal quarterly profit jumps on spending boost

Payments processor PayPal Holdings Inc reported a 209per cent jump in fourth-quarter profit on Wednesday, driven by a surge in online spending from consumers staying indoors due to the COVID-19 pandemic.

FILE PHOTO: Illustration photo of the PayPal app on a phone
FILE PHOTO: The PayPal app logo is seen on a mobile phone in this illustration photo, Oct. 16, 2017. REUTERS/Thomas White/File Photo

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REUTERS: Payments processor PayPal Holdings Inc reported a 209per cent jump in fourth-quarter profit on Wednesday, driven by a surge in online spending from consumers staying indoors due to the COVID-19 pandemic.

Net income jumped to US$1.57 billion, or US$1.32 per share, for the quarter ended Dec. 31 from US$507 million, or 43 cents per share, a year earlier.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Ramakrishnan M.)

Source: Reuters