PayPal Reports $81 Million Second-Quarter Crypto Loss as Core Results Top Estimates
JH Kim
Summary
- PayPal reported an $81 million net loss from its cryptocurrency business in the second quarter.
- The company said the crypto unit is operated separately, so the loss did not affect operating expenses.
- PayPal reported second-quarter revenue of $8.68 billion and net income of $1.104 billion, beating market estimates.
Forecast Trend Report by Period
PayPal reported an $81 million net loss from its cryptocurrency business in the second quarter.
Crypto media outlet U.Today reported on July 28 that the loss followed a $74 million loss in the first quarter. PayPal said the crypto unit is operated separately, meaning the loss did not affect operating expenses.
Its core business, however, was stronger. Second-quarter revenue came in at $8.68 billion, beating market estimates, helped by higher payment revenue from Venmo and the PYUSD stablecoin. Net income for the period was $1.104 billion.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.