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Shares of PayPal rose Tuesday after the company reported better-than-expected quarterly earnings. The payments giant reported adjusted earnings of $1.34 a share for the first quarter, up from $1.33 a year ago and ahead of analysts’ consensus estimate of $1.27, per FactSet. PayPal stock jumped 3.1% in premarket trading.
PayPal Holdings on Tuesday reported first-quarter earnings and revenue under a new chief executive that topped Wall Street consensus estimates. PayPal stock rose as the company announced a $1.5 billion cost reduction program over the next two to three years. PayPal earnings for Q1 rose 1% to $1.34 per share on an adjusted basis.
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