Wednesday, December 8

PayPal shares plummeted more than 10% after projecting lower earnings

PayPal reported net income of US $ 6.18 billion, equivalent to a growth of 13% when compared to the same quarter of the previous year.

Additionally, earnings per share rose to $ 1.11, above the market expectation of $ 1.07 per share.

The company reported a 24% growth in the value of transactions carried out through its platform, which reached US $ 310,000 million, while its operating cash flow increased 15% annually to US $ 1,510 million.

Conversely, the number of new net active accounts on the platform decreased 12% annually with just 13.3 million.

Dan Schulman, PayPal president and CEO, said the company’s results “demonstrate strong growth in a record year. The strength of the PayPal platform and its ubiquity in our core markets have led us to scale, expand our work with existing partners, and attract new allies. “