PayPal Revenue Soars 31% Driven By Cryptos
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7 May
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Payments giant PayPal has just shared its financial results for the first quarter of 2021. According to the document, GAAP earnings have jumped from $84 million to $1.1 billion, while adjusted earnings have experienced an 85% increase, from $786 million to $1.5 billion. Revenue jumped 31%, from $4.62 billion to $6.03 billion.

Total PayPal payments during the first three months of the year grew 50% to $285 billion, while the number of active users has grown from 14.5 million to 392 million.

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PayPal CEO Dan Schulman has emphasized cryptocurrencies have been the company's main growth driver. According to him, half of the users open the PayPal app every day to make transactions with cryptos.

PayPal customers in the US can buy, sell and store cryptocurrencies since October.

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