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PayPal meets forecasts
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SAN JOSE . (AP) — Shares of PayPal rallied in extended trading Thursday after the payments company reported better-than-expected quarterly results.
PayPal Holdings Inc. reported third-quarter net income of $323 million, or 27 cents per share, up 7.3 percent from $301 million, or 25 cents per share, a year earlier.
The San Jose, California-based company reported earnings, adjusted for one-time gains and costs, came to 35 cents per share.
The results met Wall Street expectations. The average estimate of 20 analysts surveyed by Zacks Investment Research was also for adjusted earnings of 35 cents per share.
PayPal posted revenue of $2.67 billion in the period, better than last year’s $2.26 billion and exceeding Street forecasts. Fourteen analysts surveyed by Zacks expected $2.65 billion.
During the quarter, transactions processed rose 24 percent and total payment volume jumped 25 percent. Active customer accounts totaled 192 million, up 11 percent.
For the current quarter ending in December, PayPal expects its adjusted per-share earnings to range from 40 cents to 42 cents. That compares with the average analyst estimate of 42 cents, according to a survey by FactSet.
The company said it expects revenue in the range of $2.92 billion to $2.99 billion for the fiscal fourth quarter. Analysts expect $2.97 billion.
PayPal expects full-year adjusted earnings in the range of $1.48 to $1.50 per share, with revenue ranging from $10.78 billion to $10.85 billion.
PayPal shares have climbed 11 percent since the beginning of the year. The stock changed hands at $41.91 in after-hours trading after the release of results, up $1.82 or 4.5 percent.