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PayPal’s Revenue Surges in Strong Finish to Blockbuster Year

  • Company added 72.7 million active accounts last year
  • Payments on network rose 39% to $277 billion in fourth quarter
    
Photographer: David Paul Morris/Bloomberg
Updated on

PayPal Holdings Inc. said consumers flocked to its service in the final months of the year as they hurried to finish their holiday shopping and started using the company’s wallets to buy and sell cryptocurrency.

The firm added a record 72.7 million active accounts in 2020, more than it forecast just three months ago, with the addition of 16 million accounts in the fourth quarter alone. That helped overall revenue climb 23% to $6.12 billion during the quarter, topping analysts’ estimates.