PYPL PayPal Holdings Inc

By Denny Jacob

PayPal Holdings Inc. said Tuesday it swung a loss but beat analysts' expectations for revenue in the second quarter.

The San Jose, Calif.-based payments company swung to a loss of $341 million, or 29 cents a share, for the three months ended June 30, compared to a gain of $1.18 billion, or $1 a share, a year earlier. Adjusted earnings were 93 cents a share, above analysts' expectations of 87 cents a share.

Revenue rose to $6.81 billion from $6.24 billion. Analysts polled by FactSet had expected $6.78 billion.

PayPal said it recorded $339.8 billion in total payment volume, up 9% on a spot basis and 13% on a foreign exchange neutral basis.

Chief Executive Dan Schulman said the company continues to execute across its initiatives even as it drives operational efficiency across the business.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

August 02, 2022 16:37 ET (20:37 GMT)

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