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PayPal profit slumps as COVID-19 weighs on spending
4:15pm, 6th May, 2020

PayPal profit slumps as COVID-19 weighs on spending

PayPal Holdings Inc posted a 87.4% slump in quarterly profit on Wednesday as COVID-19 lockdowns hit consumer spending and forced the payments processor to boost its credit loss reserves, sending its shares down 3.7% in extended trading.