Payment and E-commerce giant’s Paypal (NASDAQ: PYPL) and ebay (NASDAQ: EBAY) reported better-than-expected fourth-quarter financial results on Wednesday 03rd February after the market close. Both the company stocks hit a new 52-week high on Thursday.
PayPal (NASDAQ: PYPL) announced strong fourth-quarter revenue results supported by Bitcoin and Crypto Service and the company still expects to grow revenue at about 20% in 2021. During the last quarter, the company gained 16 million in net new active accounts and handled $277 billion in total payment volume.
Earnings per share (EPS) $1.08 vs. $1.00 expected
Revenue $6.12 billion vs. $6.08 billion expected
“The volume of crypto traded on our platform greatly exceeded our projections. We’re excited to build on this early success by allowing customers to use their crypto balance as a funding source. We hope to launch our first international market in the next several months.” PayPal, CEO Dan Schulman said.
PayPal added support for cryptocurrencies in October 2020, allowing its 286 million active users to access top cryptocurrencies including Bitcoin, Bitcoin Cash, Ethereum and Litecoin. The company currently has about 29 million merchants globally, all of which will be able to accept cryptocurrencies as payments for their goods and services.
On Thursday, the PayPal shares reached a fresh yearly high of $274.94 and closed 7.36% higher at $270.43.
E-commerce firm eBay (NASDAQ: EBAY) fourth-quarter financial results exceeded Wall Street estimates boosted by huge e-commerce demand.
Earnings per share (EPS) $0.86 vs. $0.83 expected
Revenue $2.87 billion vs. $2.70 billion expected
“We finished the year with strong financial results. We will continue to invest in product and technology in order to deliver the best marketplace in the world for our customers“ eBay CEO Jamie Iannone said.
In the first quarter, the company expects to post EPS of between 81 cents and 86 cents on revenue ranging from $2.94 billion to $2.99 billion.
The company’s stock is up more than 55% over the last year. The stock increased more than 10% in pre-market trading on Thursday and climbed to a new all-time high of $64.85 following strong Q4 results.