PayPal profit slumps as COVID-19 weighs on spending

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PayPal Holdings Inc posted a 87.4% slump in quarterly profit on Wednesday as COVID-19 lockdowns hit consumer spending and forced the payments processor to boost its credit loss reserves, sending its shares down 3.7% in extended trading.

FILE PHOTO: The German headquarters of the electronic payments division PayPal is pictured at Europarc Dreilinden business park south of Berlin in Kleinmachnow, Germany, August 6, 2019. REUTERS/Fabrizio Bensch

The coronavirus outbreak has forced companies to lay off millions of employees, dampening consumer confidence and heavily impacting people’s ability to spend on non-essential items. PayPal processed $191 billion in payments in the first quarter, up 18% from a year earlier, but missed analysts’ estimates of $194.23 billion.

 

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I've been doing my best to keep their profits up.

ペイパルも苦戦か〜。

Curious, I been spending a lot more on Ebay to have stuff to watch at home, on things like razor blades I can't get locally, and so on

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