PayPal profit slumps as COVID-19 weighs on spending

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) – Payment processor Paypal Holdings Inc (PYPL.O) reported an 87.4% slump in first-quarter profit on Wednesday, as consumers spent less due to the COVID-19 lockdowns and unemployment numbers surged.

Net income fell to $84 million, or 7 cents per share, in the first quarter ended March 31, from $667 million, or 56 cents per share, a year earlier.

Reporting by Bharath Manjesh in Bengaluru; Editing by Arun Koyyur

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