Dundalk's largest employer reveals strong results

PayPal's adjusted profits jump 32% in third quarter

Dundalk Democrat

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Dundalk Democrat

Dundalk's largest employer reveals strong results

THE largest employer in Dundalk has delivered one of its strongest quarters since becoming an independent company.

PayPal Holding's adjusted profit rose 32% during the third quarter to €474m ($560m), while revenue jumped 21% to €2.7bn ($3.2bn).

Since separating from online marketplace eBay in 2015, PayPal has transformed itself and now handles money transfers between other companies and customers, rather than mostly for its parent.

"Putting our customers first in everything we do, enhancing our suite of products and services, and partnering with some of the world's most popular brands are delivering tangible results," said PayPal CEO and President Dan Schulman.

"In addition to our solid financial performance, we also reported record customer growth with the addition of 8.2 million net new actives.”

Mr Schulman added: “As the world rapidly accelerates to digital payments, we have a tremendous opportunity in front of us."

PayPal employs approximately 2,600 people at its Dundalk and Dublin centres, which manage all direct customer contact for PayPal across Europe, the Middle East and Africa.

In April PayPal announced the company had plans to restructure its operations in Ireland to meet changing customer demands.

The move affected around 60 employees who were offered new roles within the company or the opportunity to take voluntary redundancy.