PayPal Stock Is Soaring This Week. Here's Why
(NASDAQ: PYPL) stock zoomed higher this week, according to data from S&P Global Market Intelligence. After a rough few years, the financial technology (fintech) giant has stabilized its active users and continues to grow payment volume, revenue, and profits. It reported second-quarter earnings that beat Wall Street expectations, and shares are up 12% since last Friday as of the close on Thursday, Aug. 1.
Here's why PayPal stock shot up this week.
In the second quarter, PayPal's top line hummed along just swimmingly. Payment volume grew 11% year over year to $417 billion, which led to revenue growing 8% to $7.89 billion. There has been a narrative about market share losses and competition that has kept PayPal's stock in the gutter, but it has shown time and time again that it can still grow sales. Over the last five years, the company's revenue is up 82%.
Source Fool.com
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