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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