PYPL PayPal Holdings Inc

By Allison Prang

PayPal Holdings Inc.'s profit dropped in the second quarter as the company logged less in net other income.

The payments company's earnings fell from a year ago to $1.18 billion, or $1 a share. A year ago, they were $1.53 billion, or $1.29 a share. Adjusted earnings were $1.15 a share. According to FactSet, analysts were expecting $1.12 a share of adjusted earnings.

Net revenues were $6.24 billion and rose 17%. Analysts were expecting $6.27 billion.

PayPal logged net other income of $229 million, down from $848 million a year ago.

The company reported $311 billion in total payment volume which it said rose 40%. On a foreign-exchange neutral basis, it rose 36%. PayPal said it added 11.4 million net new active accounts, down 47% from the number of net new active accounts it added a year earlier.

Write to Alison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

July 28, 2021 16:46 ET (20:46 GMT)

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