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)

Copyright (c) 2021 Dow Jones & Company, Inc.
PayPal (NASDAQ:PYPL)
Historical Stock Chart
From Aug 2021 to Sep 2021 Click Here for more PayPal Charts.
PayPal (NASDAQ:PYPL)
Historical Stock Chart
From Sep 2020 to Sep 2021 Click Here for more PayPal Charts.