PayPal Rises as E-Commerce Strength Persists in Vaccine Era
- Firm raises guidance for growth in revenue, new users
- Payments volume posted a record surge in the first quarter
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The proliferation of vaccines around the world hasn’t stopped people from shopping online with PayPal Holdings Inc., which boosted its forecasts for growth in new users and revenue for the year.
Total payments volume in the first three months of the year surged a record 50% to $285 billion, topping the $265 billion average of analyst estimates, even as local governments continued to loosen restrictions throughout the quarter. The firm now expects to add as many as 55 million new users to its platform this year, an increase from earlier guidance.