PayPal's quarterly operating profit falls 8% as expenses rise

PayPal's third-quarter GAAP operating income fell 8% to $1.402 billion as operating expenses increased, according to an analysis on note citing its October 27 SEC filing. Revenue rose 2% to $8.584 billion, while the operating margin declined to 16.3% from 18.1%. Restructuring and other expenses increased to $255 million from $69 million. Adjusted operating income rose 3% to $1.613 billion, with adjustments including $178 million in restructuring and $33 million in acquired intangible asset amortization. Total payment volume increased 6% to $487.138 billion. Adjusted diluted earnings per share rose 8% to $1.45 despite a 3% decline in adjusted net income; diluted shares fell to 858 million from 960 million.