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PayPal Revenue Misses

PayPal Revenue Misses

For the quarter ended September 30, PayPal net income was $377 million (A$530 million). That compares with a net profit of $288 million in the same period last year.

“We are operating in a time when change is sweeping through the financial services industry, driven by the rise of mobile technology and the acceleration of money becoming digital,” said PayPal CEO Dan Schulman.

The company reported net revenue of $2.26 billion, up 15 percent from sales of $1.98 billion in the second quarter of 2014. Its shares fell more than five percent to $34.67 in after-hours trading.