Los Angeles, Feb. 10, (dpa/GNA) - US online payment provider PayPal on Thursday released earnings for its fourth quarter that increased from last year and beat analysts’ estimates.
In the fourth quarter, net revenues rose by 7% year-on-year to $7.4 billion, the former eBay subsidiary announced after the US stock market closed.
Net income increased by 15% to $921 million. The result exceeded expectations. The profit forecast for the current financial year also surprised positively and was well received by investors, with the share price jumping by more than 5% in after-hours trading.
PayPal also announced the resignation of chief executive Dan Schulman at the end of the year. It is not yet clear who will succeed him. Schulman joined PayPal in 2014 to lead the company as an independent public company following its separation from eBay.
PayPal announced last week that it would be laying off around 7% of its workforce – around 2,000 employees – in view of the difficult economic environment. A number of companies in the tech industry – including Facebook’s parent company Meta, Amazon, Twitter and Alphabet – have decided on major rounds of layoffs in recent months.
GNA