PayPal (NYSE: PYPL) stock surged to an all-time high as the digital payments company reported a record 7.4 million net new active customers in April, as it benefitted from higher online using during lockdowns.
The group said during the three months of its second-quarter it added 15 million to 20 million net new active accounts, this helped PayPal stock hit a record high of $141 in after-hour stock trading on Wednesday.
“I would argue that April was probably the strongest month for PayPal since we became a public company,” said Dan Schulman (pictured), chief executive of the firm that floated in 2002.
The business added that it the current month has stated well because 1 May saw the group record largest single day of transactions.
The company expects to generate year over year revenue growth in the range of 15% for the second quarter.
On top, the company claims that the new active users are likely to stick to their new habits even if lockdown eased.
“Our view is, we think we are hitting a tipping point across the world where people are seeing just how simple and easy it is to use digital payments to pay for services,” Schulman said.
The company says it had added more than 10 mllion new accounts during the closing weeks of March, bringing the first quarter number to 20.2 mllion compared to new account additions of 9.3 mllion in the last quarter of 2019.
The total payment volume for the first quarter grew 18% year over year to $191bn, thanks to the 18% growth in merchant services volume and a 48% increase in Venmo volume.
Net income fell to $84m, or 7 cents per share, in the quarter ended 31 March, from $667m, or 56 cents per share, a year earlier.
If you are interested in trading PayPal stock via options trading or day trading, you can check out featured stock brokers here.
Trusted & Regulated Stock & CFD Brokers
What we like
- 0% Fees on Stocks
- 5000+ Stocks, ETFs and other Markets
- Accepts Paypal Deposits
Min Deposit
$200
Charge per Trade
Zero Commission on real stocks
64 traders signed up today
Visit Now67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Available Assets
- Total Number of Stocks & Shares5000+
- US Stocks
- German Stocks
- UK Stocks
- European
- ETF Stocks
- IPO
- Funds
- Bonds
- Options
- Futures
- CFDs
- Crypto
Charge per Trade
- FTSE 100 Zero Commission
- NASDAQ Zero Commission
- DAX Zero Commission
- Facebook Zero Commission
- Alphabet Zero Commission
- Tesla Zero Commission
- Apple Zero Commission
- Microsoft Zero Commission
Deposit Method
- Wire Transfer
- Credit Cards
- Bank Account
- Paypall
- Skrill
- Neteller
What we like
- Sign up today and get $5 free
- Fractals Available
- Paypal Available
Min Deposit
$0
Charge per Trade
$1 to $9 PCM
Visit Now
Investing in financial markets carries risk, you have the potential to lose your total investment.
Available Assets
- Total Number of Shares999
- US Stocks
- German Stocks
- UK Stocks
- European Stocks
- EFTs
- IPOs
- Funds
- Bonds
- Options
- Futures
- CFDs
- Crypto
Charge per Trade
- FTSE 100 $1 - $9 per month
- NASDAQ $1 - $9 per month
- DAX $1 - $9 per month
- Facebook $1 - $9 per month
- Alphabet $1 - $9 per month
- Telsa $1 - $9 per month
- Apple $1 - $9 per month
- Microsoft $1 - $9 per month
Deposit Method
- Wire Transfer
- Credit Cards
- Bank Account
Share
Siraj Sarwar
