The PayPal payment service started the financial year with a slump in profits. In the first quarter, net income fell 54 percent year-on-year to $509 million (482 million euros), as the group announced after the US stock market closed in San Jose. Revenues rose 7 percent to $6.5 billion – quite modest growth by PayPal’s standards.
–
The company, which was still a big beneficiary of the online shopping boom during the pandemic, lowered its full-year earnings guidance after a mixed first quarter. Nevertheless, the share initially rose significantly in after-hours trading. Analysts had expected lower sales. In addition, the share has been badly hit, the price has already fallen by more than 56 percent since the beginning of the year. (dpa)
–
