PayPal raises profit forecasts following series of job cuts

US payments giant cut almost 300 Irish staff so far this year as part of plans to reduce its global workforce by 9%

The firm returned $1.5bn (€1.4bn) to stockholders via share repurchases int the three months to June. (Photo by Justin Sullivan/Getty Images)

Paypal raised its full-year profit forecast for the second time this year on the back of strong consumer activity and holiday spending, while cost-cutting measures, including those enacted in Ireland earlier this year, led to improved margins for the payments giant.

The company now predicts adjusted earnings per share will increase in the “low-to-mid-teens” this year, up from a previous forecast of “mid-to-high single-digit” growth.