PayPal delivered strong first-quarter earnings results. According to the earnings report, PayPal’s revenue showed the highest rise in the entire history of the company.
Its net worth was much higher than analysts had estimated. During the period of lockdowns, many people got accustomed to buying goods online. Despite the gradual easing of quarantine restrictions, people are used to online shopping. In addition, the surge in profit is attributed to the increased popularity of operations with cryptocurrency. This factor also contributed to the outstanding results of PayPal.
The total volume of payments for the first quarter of 2021 soared by a record 50% and reached $285 billion, while experts had predicted an increase to $265 billion. The number of active users of the payment system advanced by 14.5 million people or 21% and totaled 392 million people. GAAP revenue increased by 13 times to $1.1 billion, and net worth climbed by 31% to $6.03 billion.
"Even when stores start to open, when restaurants start to open, when events begin to open, people will pay for these things digitally”, PayPal CEO Dan Schulman told Bloomberg. “We now believe that the digitalization of consumers will remain virtually unchanged in the post-pandemic world," PayPal CEO Dan Shulman noticed in an interview with Bloomberg.
