The online payment service PayPal increased its profits strongly in the first quarter and raised its targets for the year as a whole.
In the three months to the end of March, net income increased 56 percent year-on-year to $795 million, PayPal announced on Monday after the US market closed. Group sales grew 9 percent to $7.0 billion.
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PayPal benefited from US consumers’ continued robust willingness to spend despite high inflation. CEO Dan Schulman spoke of a “very good” start to the new fiscal year. In terms of adjusted earnings per share, PayPal is now forecasting an increase of around a fifth for 2023 – more than analysts had expected.
In NASDAQ trading, PayPal shares are down 9.83 percent to $68.10.
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