Tech News

PayPal Posts 18% Rise in Quarterly Profits

Over the past several years, thanks to the booming growth of internet, the world has truly become a global village. With internet enhancing communication, it has become clear that distance is no longer a barrier. A number of people live in a country, while they work in a different country. Sometimes, the biggest problem that comes here is that of payments. PayPal is one of the best solutions for this problem. For the past several years, it has been offering the perfect solution to all international payments and money transfer needs. The company has now announced some good news, as an 18% rise in quarterly profits has been reported.

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PayPal was expected to post a quarterly profit of $2.65 billion, but the company has now posted a profit of $2.67 billion. However, the company reported a total payment volume figure which was slightly lowr than what the market expectations were. The total value of transactions on their platform were $87 billion, which was a little less than $88.3 billion the expectations from the market.

PayPal has also said that their full year’s revenue is now expected to be between $10.78 billion to $10.85 billion. PayPal CEO Dan Schulman commented saying, “We are further expanding the ubiquity and value of the PayPal brand and moving deliberately towards achieving our vision of becoming an everyday, essential financial service for people around the world.”

Over the past few months, PayPal has been working hard on increasing their revenues. The company has changed the way in which they work with MasterCard and Visa businesses. Sub-brands of PayPal such Braintree and Venmo too, have been doing well in the markets. This being stated, the company has separated from eBay last year, and has since been expected to grow deeper and further into the markets. With these profit numbers, it does seem that they are going on the right direction with their strategy.

Article written by Jay Poojara

Writing since he was 15, Jay is an avid tech enthusiast, as well as an animal lover. When he is not writing for us at Newsient, he is seen snoozing around in the lawn with his puppies and a book on a bright summer evening. He is particularly fond of Samsung devices. Contact him at jay@newsient.com