PayPal Authorizes a $5 Billion BuyBack Program Amid Growing Profits

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Payment processor PayPal Holdings reported a 5.2% rise in quarterly profit on Wednesday, helped by an increase in payment processing volumes and customer additions.

The company’s board authorized a $5 billion share buyback program.

PayPal pypl , which spun off from e-commerce firm eBay ebay in 2015, said its net income rose to $384 million, or 32 cents per share, in the first quarter ended March 31, from $365 million, or 30 cents per share, a year earlier.

Revenue rose to $2.98 billion from $2.54 billion.

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