PayPal reports 16.6 percent rise in quarterly revenue

PayPal Holdings Inc reported a 16.6 percent rise in quarterly revenue helped by the continued growth in customer and merchant accounts on its payments platform.

PayPal, spun off from e-commerce company eBay Inc in 2015, said its net income rose to USD390 million, or 32 cents per share, in the fourth quarter ended Dec. 31, from USD367 million, or 30 cents per share, a year earlier. Revenue rose to USD2.98 billion from USD2.56 billion.