Introduction
PayPal (PYPL) delivered an astonishing set of 20Q1 results on Wednesday, with revenue growth accelerating to 20% year-on-year in April, despite the COVID-19 lockdown. Shares rose 8.5% to $139.24 in after-market trading.
We were wrong with our Neutral rating, last updated in mid-March just before the COVID-19 lockdown. Our main mistake was in failing to anticipate how PayPal would actually benefit from COVID-19 immediately - at the time of our previous article, shares had lost 17.0% of their value since our May 2019 initiation, but after the lockdown in late March