Shares of PayPal Hit Record after Better-than-expected Earnings and Stock-repurchase Announcement

Shares of PayPal Holdings Inc. soared more than 5.6 percent to top record highs in after-hours trading on Wednesday after the company reported first-quarter earnings results that beat earnings expectations.

The online-payments company posted net income of $384 million, or 32 cents a share, on revenue of $2.98 billion. Adjusting for one-time items, Paypal’s profit came in at 44 cents a share, above analysts’ expectation of 41 cents a share on revenue of $2.94 billion.

On a yearly basis, total payments volume on PayPal’s platform jumped dramatically 23% to $99.3 billion, nearly topped $100 billion for the first time. PayPal also announced a $5 billion stock-repurchase plan which will be started right after its $2 billion stock-repurchase program announced in January 2016 is complete.

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