PayPal sees profits jump 209% as it reports best year on record


PayPal has seen profits jump a staggering 209 per cent over its final quarter compared to a year earlier as it recorded it strongest ever performance.

The payments giant flew past analyst estimates seeing revenues rise 23 per cent to $6.12 billion over the final three months of 2020.

This drove net profits through the roof, seeing PayPal make £1.6 billion during the quarter.

In turn this helped PayPal record its most lucrative year to date seeing payment volumes surpass $936 billion, alongside total revenues of $21.5 billion.

It emerged as one of the few winners of the pandemic, with the stark shift online seeing 16 million new users sign up to PayPal over its fourth quarter, bringing the total to 72.7 million for the full year.

READ MORE: PayPal on track to process $1 trillion in payments this year

“PayPal has never been more relevant and needed than we are right now,” chief executive Dan Schulman said.

“Clearly, the world has leapfrogged by three to five years into the next digital era, and there is no going back from here.

“In this historic year, we released more products than ever before and have dramatically scaled our acceptance worldwide, giving our 377m consumer and merchant accounts even more reasons to use our platform.”

Looking ahead, PayPal expects its strong performance to continue, estimating revenues for the first three months of the year to climb 28 per cent, while adjusted profits are expected to jump 50 per cent.

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