U.S. Markets closed

Paypal: 3Q Earnings Snapshot

SAN JOSE, Calif. (AP) _ Paypal Holdings Inc. (PYPL) on Wednesday reported third-quarter net income of $462 million.

On a per-share basis, the San Jose, California-based company said it had net income of 39 cents. Earnings, adjusted for stock option expense and amortization costs, were 61 cents per share.

The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 52 cents per share.

The technology platform and digital payments company posted revenue of $4.38 billion in the period, also exceeding Street forecasts. Twelve analysts surveyed by Zacks expected $4.34 billion.

For the current quarter ending in December, Paypal expects its per-share earnings to range from 81 cents to 83 cents.

The company said it expects revenue in the range of $4.89 billion to $4.95 billion for the fiscal fourth quarter.

Paypal expects full-year earnings in the range of $3.06 to $3.08 per share, with revenue ranging from $17.7 billion to $17.76 billion.

Paypal shares have climbed 15% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $96.64, a rise of 10% in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PYPL at https://www.zacks.com/ap/PYPL