What Does Venmo Mean to PayPal's Stock?
Digital payments and e-commerce are booming during the pandemic, and more people than ever are turning to PayPal Holdings' (NASDAQ: PYPL) services. The company reported accelerating year-over-year revenue growth of 22% to $5.26 billion and free cash flow growth (revenue less cash operating and capital expenses) of 112% to $2.2 billion in the second quarter of 2020. Digital wallet and peer-to-peer payments app Venmo -- acquired back in 2013 for a mere $800 million when PayPal was still part of eBay (NASDAQ: EBAY) -- is an important part of the growth story.
