[Asia Economy Reporter Kwon Jae-hee] Online payment company PayPal's revenue in the first quarter surged 31% year-on-year, driven by the expansion of the cryptocurrency market.
According to CNBC on the 5th (local time), PayPal's first-quarter revenue was $6.03 billion, up 31% from $4.62 billion in the same period last year.
First-quarter net income reached $1.1 billion, a 13-fold increase compared to the same period. Earnings per share amounted to $1.22.
Financial information firm Refinitiv had forecasted first-quarter revenue of $5.9 billion and earnings per share of $1.01.
On the same day, PayPal projected second-quarter revenue and earnings per share of $6.25 billion and $1.12, respectively.
Dan Schulman, PayPal's CEO, identified cryptocurrency as a core growth engine, stating that efforts over the past six months to increase access to cryptocurrencies have produced remarkable results.
Since the second half of last year, PayPal has expanded its cryptocurrency-related business by enabling trading of Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and allowing payments for goods using cryptocurrencies on its platform.
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