PayPal Q3 Profit Doubled, Beating Estimates; Stock Off

PayPal, the payment processing services giant, reported that third-quarter net income more than doubled on 25% higher revenue, beating Wall Street’s forecasts.

The company has benefited from the surge in online payments during the coronavirus pandemic.

In the quarter, the San Jose, Calif., company earned 86 cents a share compared with 39 cents a share in the year-earlier quarter. Adjusted earnings in the latest period were $1.07 a share, up 41% from 76%.

Revenue reached $5.46 billion from $4.38 billion.

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