Rush of new users: 16 million new accounts were added between October and December 2020 alone.
The shopping boom on the Internet keeps the online payment service PayPal on the road to success in the corona crisis. In the fourth quarter, operating profit rose 21 percent year-on-year to $ 963 million, as PayPal announced on Wednesday after the US market closed. Revenues grew 22 percent to $ 6.1 billion.
The pandemic-related relocation of businesses to the Internet is also causing a rush of new users – in the three months to the end of December alone, 16 million new accounts were added, 72 percent more than in the same period last year.
According to its own information, PayPal had 377 million user accounts at the end of the quarter. The volume of payments processed has also risen sharply recently.
In the entire past fiscal year, the group increased sales by 22 percent to 21.5 billion dollars. Net income increased from $ 2.5 billion to $ 4.2 billion. CEO Dan Schulman spoke of a record performance in a historic year. The annual report exceeded market expectations and the share initially reacted with significant price gains after the market.