According to Odaily, the US stock market opened with gains as the Dow Jones Industrial Average rose by 0.35%, the S&P 500 increased by 0.3%, and the Nasdaq Composite climbed by 0.28%. Notably, PayPal's stock price surged by 8.4%, marking its largest increase since November 2022. This significant rise follows the release of PayPal's financial results for the second quarter of the 2024 fiscal year.
PayPal reported an 8% year-over-year increase in net revenue, reaching $7.9 billion for the second quarter of the 2024 fiscal year. Additionally, the company's transaction profit margin grew by 8%, amounting to $3.6 billion. As of June 30, 2024, PayPal's total cash, cash equivalents, and investments stood at $18.3 billion, while its total debt was $12.2 billion.