By Denny Jacob


PayPal swung to a profit and posted higher revenue in the second quarter.

The San Jose, Calif.-based payments company had net income of $1.03 billion, or 92 cents a share, for the second quarter ended June 30, compared to a loss of $341 million, or 29 cents a share, a year earlier. Adjusted earnings were $1.16 a share, edging slightly above analysts' estimates for $1.15 a share.

Revenue climbed to $7.29 billion from $6.81 billion. Analysts polled by FactSet expected $7.27 billion.

PayPal said total payment volume grew 11% to $376.5 billion on a spot and foreign currency neutral basis.

"We have high confidence that our business is on the right path and we're seeing clear signs that the investments we've made are paying off," said Chief Executive Dan Schulman.


Write to Denny Jacob at denny.jacob@wsj.com


(END) Dow Jones Newswires

08-02-23 1712ET