Wall Street analysts looked past a surprisingly shaky first quarter for payment processors PayPal Holdings Inc and Square Inc hoping that the shift towards more online buying will see their businesses surge this year.
FILE PHOTO: The PayPal logo is seen at an office building in Berlin, Germany, March 5, 2019. REUTERS/Fabrizio Bensch
The decline tied in with the record drop in U.S. retail sales in March, indicating shoppers cut back on non-discretionary spending. The company reported “unprecedented” use of its platform over the past month, adding a record 7.4 million net new customers for the month of April. “On May 1, we had our largest single day of transactions in our history, larger than last year’s transactions on Black Friday or Cyber Monday,” PayPal’s Chief Executive Officer Daniel Schulman told analysts on a post-earnings conference call.
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