PayPal's Q2 net income jumps 86% YoY to $1.53B

Wednesday, 29. July 2020 22:16

PayPal Inc. reported on Wednesday its revenue in the second fiscal quarter of 2020 grew 11% year-over-year to amount to $5.26 billion. During the same period, operating income climbed 35% to $951 million, with the operating margin increased 1.7 points to 18.1%. Net income surged 86% to $1.53 billion or $1.29 per share.

The net amount of new active accounts jumped 137% compared to the same period last year to 21.3 million. Total payment volume was up 30% per annum to $222 billion.

"In the midst of the COVID-19 pandemic, digital payments have become more important and essential than ever. Our record performance in the second quarter - our strongest quarter ever - reaffirms the relevance of PayPal in the unfolding digital future. We're committed to supporting our consumers and merchants as they work to safely navigate this new reality," CEO Dan Schulman said.

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Breaking the News / MD