PayPal’s profit jumps 59% on merchant services strength

Reuters: Payments processor PayPal Holdings Inc’s fourth-quarter profit jumped 59%, fuelled by strength in its merchant services business. PayPal said on Wednesday its net income rose to $620 million or 50 cents per share in the quarter ended Dec. 31, from $390 million or 32 cents per share, a year earlier.

Net revenue climbed to $3.74 billion from $2.98 billion, while payments volume rose 32% to $131.45 billion.