PayPal’s Irish operation sees profits nearly double to €10m

2 Oct 2017

PayPal sign. Image: 360b/Shutterstock

PayPal is moving further into the black in Ireland with news that its profits have almost doubled in the space of a year.

PayPal Europe Services Ltd – the name given to the online payments company’s operation in Ireland – is reporting financial success in 2017 so far.

According to The Irish Times, the company has revealed that its pretax profits have almost doubled from €5.8m last year to €10.2m this year, with its total turnover now standing at €184m, up from €168m in 2016.

PayPal’s employee numbers in the country also received a boost, with 2,527 staff now on its books (up from 2,320 the same time last year), a large chunk of which are based in customer support (1,423). Administrative roles account for 934 jobs, with smaller numbers of sales and marketing roles.

This increase has also seen staff costs rise to €114m, up from €102m in 2016.

Matching up with expectations

In a statement to tie in with the released figures, PayPal Europe Services Ltd said: “The directors are satisfied with the performance of the company, which is broadly in line with expectations.

“Increased revenues in 2016 reflects an increase in activity carried out by the company utilising additional headcount to support increased volumes of support services activities.”

PayPal’s last major jobs announcement occurred in 2016, when it said it was looking to fill 100 positions at its Dublin-based global operations centre.

However, earlier this year, some PayPal staff were called into a meeting and told that 60 of them would be offered new positions within the company in Ireland, as their current roles were no longer needed.

If these new positions did not suit the employees’ needs, they were to be offered voluntary redundancy.

PayPal sign. Image: 360b/Shutterstock

Colm Gorey was a senior journalist with Silicon Republic