Earnings Week: PayPal

PayPal held their earnings results for Q4, describing its strongest year in history by chief executive Dan Schulman.

In Q4 alone, PayPal added 16 million net new million active customers and 1.4 million new merchants and raised $6 billion in revenue. That brings the total to 377 million new users for the entire year.

After adding cryptocurrency to the platform, Schulman said that users that bought virtual assets log in twice as frequently as they did before.

“We have seen an exceptional response to pour crypto launch,” Schulmann said. “The crypto volume traded on our platform greatly exceeded our projections.”

The payments by-now-pay-later product added raised $750 million in the last quarter.

Kevin Travers was a Reporter at deBanked.