- General
- November 3, 2020
- 4 minutes read
PayPal Reports Strong Q3 Results
Dan Schulman, CEO, Paypal.Photo credit: fortuneglobalforum, licensed under CC BY-NC-ND 2.0 Payments service PayPal has reported its financial results for the third…
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| Dan Schulman, CEO, Paypal. Photo credit: fortuneglobalforum, licensed under CC BY-NC-ND 2.0 |
Payments service PayPal has reported its financial results for the third quarter of this year, reporting strong user and revenue growth. The company reported $5.46 billion in revenue, up 25% year-over-year, and an operating income of $980 million, up 40% year-over-year. During the quarter, PayPal added 15.2 million net new active accounts and ended the quarter with 361 million active accounts.
PayPal has reported strong growth this year and says it expects to add 70 million accounts in the entirety of 2020. This year saw the company introduce new products like the Venmo Credit Card and a ‘buy now, pay later’ service called Pay in 4. Also his year, PayPal announced that’ll it begin letting users buy, hold, and sell cryptocurrency directly from their PayPal accounts.
PayPal recorded a net income of $1.02 billion in Q3, up 121% year-over-year. The company ended the quarter with $17.6 billion in cash on its balance sheet.
