To be sure, the company said things started looking up in April and that on May 1 it enjoyed the highest volume transaction day in its history.
As for the earnings, net income totaled $84 million, or 7 cents a share, in the first quarter, down from $667 million, or 56 cents a share, a year ago. Analysts polled by FactSet predicted the latest EPS would tally 38 cents.
Among other special items, the latest EPS includes a 17-cent subtraction from a credit reserve the company is taking in response to economic weakness.
Adjusted EPS registered 66 cents in the latest quarter, unchanged from a year earlier. Analysts forecast 75 cents for the latest quarter.
Revenue came in at $4.62 billion for the first quarter, up 12% from $4.13 billion a year ago. Analysts estimated the latest figure would be $4.74 billion.
The company prefers to focus on the positive, of course. “As our platform sees record increases in both new customer accounts and transactions, it is clear that PayPal’s products are more important and relevant than ever before,” CEO Dan Schulman said in a statement.
“The strength of our customer value proposition combined with the acceleration of digital payments adoption significantly accelerated in April, with increased demand and engagement.”
PayPal shares rose $10.93, or 8.5%, to $139.24 in after-hours trading, after initially falling following the release. The stock has gained 7% over the last three months.