PayPal quarterly profit beats estimates, shares rise

NEW YORK (Reuters) – PayPal Holdings Inc (PYPL.O) on Thursday reported a third-quarter profit that beat analysts’ estimates as the company signed up more new customers and volume of payments processed rose.

The PayPal app logo seen on a mobile phone in this illustration photo October 16, 2017. REUTERS/Thomas White/Illustration

Net income rose to $436 million, or 36 cents per share, in the third quarter, from $380 million, or 31 cents per share, a year earlier. Revenue rose to $3.68 billion from $3.24 billion.

Excluding one-time items, the company earned 58 cents per share, beating the average analyst estimate of 54 cents, according to Refinitiv.

For the fourth quarter, PayPal expects revenue between $4.20 billion and $4.28 billion, in line with analysts’ estimates of $4.21 billion estimate.

Shares of the company, which separated from ecommerce site eBay Inc (EBAY.O) in 2015, were up 7 percent in trading after the bell on Thursday.

Reporting by Anna Irrera; editing by Jonathan Oatis; and Phil Berlowitz

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