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Paypal smashes profit estimates & records strong first-quarter earnings

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Paypal sees profits soar above expectations

The past 12 months have seen a spike in online shopping like never before, and digital transactions have boosted payment volumes.

As consumers turn to eCommerce, Paypal has now seen great results.

PayPal has reported its strongest first quarter on record and has smashed profit estimates.

PayPal’s quarterly performance comes off the back of an equally strong 2020 for the payment platform, which also saw record levels of payment volumes.

PayPal processed a total of $285 billion in payments in the first quarter of 2021. That’s up 50% from a year earlier. Meanwhile, the company also added 14.5 million new active customers.

“Our strong first-quarter results demonstrate sustained momentum in our business as the world shifts into the digital economy,”

Chief Executive Officer Dan Schulman

The company has been one of the many big winners of the COVID-19 pandemic. More people have used Paypal’s payment services to shop online and pay bills while staying indoors during lockdown periods.

PayPal says it expects to add 52–55 million net new active accounts in 2021.

In February, Paypal forecasted to receive an additional 50 million active users in 2021, that number now increasing.

According to Reuters, it also expects annual revenue and diluted earnings per share ahead of analyst estimates, according to Refinitiv IBES data.

PayPal reported a first-quarter net income of $1.22 per share. That far exceeded analysts’ estimates of $1.01 per share.

The rise of online shopping

Since the world was introduced to COVID-19 and governments right across the world had to lock down nations, many took to online as a way to do their shopping.

As the lockdowns played out in Australia, the boom in online shopping was revealed by Australia Post, which state that two million parcels were being delivered each day.

The national courier revealed during the peak months of COVID-19 in 2020, AusPost was pushed to capacity.

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Money

Boeing face delivery delays following guilty criminal charge plea

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Boeing’s deliveries are down after months of controversy, is it because they can’t make the planes, or because airlines right now don’t want them?

Boeing has agreed to plead guilty to a charge of conspiracy to defraud the United States in connection with the investigation into two fatal crashes involving its 737 MAX aircraft.

Boeing reported a significant 27% decrease in deliveries for June compared to the same month last year, possibly attributing the decrease to the companies ongoing controversies.

Aviation expert Geoffrey Thomas joins to discuss. #featured

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Money

Blockchain sparks a transformative influence in Australia

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Professor unveils blockchain’s role in transforming the economy and innovative projects taking place at RMIT University.

Crypto Corner explores the latest market movements, expert insights and the influence of macroeconomic factors on the crypto industry.

Crypto Corner is hosted by Caroline Bowler, CEO of BTC Markets.

In this episode, BTC Markets CEO Caroline Bowler interviews Professor Chris Berg, Director of RMIT Digital3 and Co-Founder of the Blockchain Innovation Hub at RMIT University. They discuss RMIT’s cutting-edge projects and the transformative impact of blockchain technology in Australia.

Professor Berg shares insights into RMIT’s Digital3 philosophy, which combines research, innovation, and collaboration to drive the digital economy. Learn about groundbreaking initiatives in blockchain, cyber security, and AI, and how these disruptive technologies are reshaping business, government, and society.

Discover how RMIT is leading the charge in rethinking and regenerating the way we work through world-class research and tailored education, offering a glimpse into the future of technology and its potential to benefit both the economy and society. #crypto corner

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From $25K to $1.5M in real estate: expert unveils game-changing strategy for investors

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Empower your property investing with these key tips

Wyld Money dives into the world of financial freedom. Whether you’re a seasoned investor or just getting started, join us for actionable tips and tricks to unlock your earning potential, and retire on your own terms.

In this episode, Mark is joined by Dean Fraser, Founder and CEO of BrickFloor. #trending #wyld money

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