Why PayPal Holdings Stock Jumped on Wednesday
Shares of PayPal Holdings (NASDAQ: PYPL) were up 10.5% as of 11:01 a.m. ET on Wednesday after the company reported better-than-expected earnings results for the second quarter.
Total payment volume increased 13% year over year excluding currency changes. That drove an acceleration in revenue growth of 10% on a constant currency basis, up from 8% in the first quarter.
The pandemic fueled a massive acceleration in payment volume growth, and PayPal has felt the hangover. Decelerating growth coming out of the pandemic coupled with the stock's high valuation sent the shares tumbling in 2022, but that is behind the company now.
Source Fool.com
