PayPal Holdings Inc beat Wall Street estimates for quarterly revenue and profit on Monday, driven by a surge in online spending from consumers staying at home due to the Covid-19 pandemic.

However, the e-commerce payments processor forecast current-quarter profit below expectations, sending its shares down more than six percent in extended trade.

For the fourth quarter, PayPal expects adjusted profit to grow in a range of 17 percent to 18 percent, while analysts had estimated a growth of about 24 percent, according to IBES data from Refinitiv.

The company processed US$247 billion (RM1.026 trillion) in payments during the quarter, up 38 percent from a year earlier.

On an adjusted basis, PayPal earned US$1.07 (RM4.45) per share. Analysts had expected it to earn 94 US cents (RM3.90) per share.

Net income jumped to US$1.02 billion (RM4.24 billion), or 86 cents per share, for the quarter ended Sept 30, from US$462 million (RM1.92 billion), or 39 cents per share, a year earlier.

Revenue rose about 25 percent to US$5.46 billion (RM22.68 billion), compared with analysts’ average estimate of $5.43 billion (RM22.56 billion).

- Reuters

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