US company
Paypal increases revenues strongly
The payment service Paypal has announced its quarterly figures. photo
© Sebastian Kahnert/dpa/Illustration
In the third quarter of 2022, the revenues of the online payment service increased by eleven percent year-on-year. However, the business outlook disappointed investors.
The online payment service Paypal recorded strong growth in the summer. In the third quarter, revenue rose eleven percent year-on-year to $6.85 billion (7.02 billion euros), as the group announced on Thursday after the US stock market in San Jose closed. Net income increased 22 percent to $1.3 billion.
Although the results exceeded market expectations, the stock reacted after hours with a price slide of more than ten percent at times. Paypal disappointed investors with a cautious forecast for the final quarter. The company expects a significant slowdown in sales growth.