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PayPal Posts 8.5pc Profit Lift

PayPal Posts 8.5pc Profit Lift

Last week, PayPal started trading as a public company after the split, though the two companies still work together. EBay in its second-quarter earnings report said that it accounted for about 22 percent of PayPal’s total payment volume, down from 27 percent a year earlier.

PayPal said in a filing that it had received US$3.8 billion in cash from eBay as part of its capitalisation, as well property and equipment with a book value of $208 million.

Overall for the period ended June 30, PayPal reported a profit of $305 million up from $281 million a year earlier.