PayPal Revenue Grows 31% In Q1 – Largely Due To Cryptocurrencies

PayPal has published its financial statements for the first quarter of 2021. According to the documents, the service’s net profit increased from $ 84 million to $ 1.10 billion, and revenue grew 31%, reaching $ 6.03 billion. Writes about this CNBC.

Thus, the company exceeded analysts’ expectations in all respects. Profit was $ 1.22 instead of $ 1.01 per share. The volume of all domestic payments amounted to $ 285 billion instead of the forecast of $ 265 billion. In addition, the number of service users increased by 14.5 million, reaching 392 million. As a result, after the publication of the financial report, PayPal shares rose by 5.5%.

Dan Shulman, CEO of the company, noted that one of the key reasons for the growth was working with cryptocurrency. According to him, about half of PayPal users use the service for transactions with digital currencies daily.

At the end of March, PayPal allowed its customers to pay for purchases with cryptocurrency. Anyone can convert digital tokens to dollars and any other currency.