May 6, 2020 / 8:27 PM / 24 days ago

PayPal profit slumps as COVID-19 weighs on spending

May 6 (Reuters) - Payment processor Paypal Holdings Inc reported an 87.4% slump in first-quarter profit on Wednesday, as consumers spent less due to the COVID-19 lockdowns and unemployment numbers surged.

Net income fell to $84 million, or 7 cents per share, in the first quarter ended March 31, from $667 million, or 56 cents per share, a year earlier. (Reporting by Bharath Manjesh in Bengaluru; Editing by Arun Koyyur)

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