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
(Reuters) – PayPal Holdings Inc (PYPL.O) said it expects a strong recovery in payments volumes in the second quarter as social distancing drives more people to shop online, even as lockdowns start to ease, sending its shares up 8% in extended trading.
Online retailers are seeing demand rise, boosting digital payments. PayPal said on Wednesday it added a record 7.4 million net new customers in April.
“Our products and services have never been more needed and more relevant,” Chief Executive Officer Daniel Schulman said on a call with analysts.
In the reported quarter, PayPal’s profit plunged 87.4% as it boosted credit loss reserves, but it still beat market expectations.
“In March, the deteriorating environment resulting from COVID-19 further impacted PayPal’s…
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