PayPal Ireland's Pretax Profit Rises to €16.8m Despite Revenue Decline

PayPal's Irish arm saw a pretax profit increase to €16.8 million, despite a fall in revenue to €193.1 million. The company attributed the decline in revenue to a reduction in employee-related expenses and administrative costs, which fell from €212.1 million to €181.1 million. Staff costs also decreased, with a total of €160.6 million for the year, down from €171.6 million in 2023. The number of employees at the company fell from 1,830 to 1,598.

PayPal's Irish arm, PayPal Service Europe Ltd, reported a significant increase in pretax profits to €16.8 million for the year ended December 31, 2024, despite a decline in revenue to €193.1 million. The company attributed the fall in revenue to a reduction in employee-related expenses and administrative costs, which decreased from €212.1 million to €181.1 million [1].

The decrease in revenue was primarily driven by a reduction in staff costs, which fell to €160.6 million for the year, down from €171.6 million in 2023. This reduction in staff costs was part of a global effort by PayPal to "right size" the company, following a 7% reduction in its global workforce in 2023, including job cuts in Dublin and Co Louth. The company also announced plans to close an office in Dundalk and sell its Ballycoolin offices, moving to smaller premises that could accommodate staff from both Dublin and Dundalk [1].

Despite the job cuts, PayPal has promised to create up to 100 new jobs at a new artificial intelligence (AI) fraud and data science centre in Ireland. The company has been hiring across AI engineering, data science, software development, risk modelling, and cybersecurity roles [1].

The Irish operation, which was originally set up as a customer service hub, is now being developed as a centre for innovation, with the Irish team expected to play a key role in PayPal’s global network of innovation hubs. This shift in focus aligns with PayPal's broader strategy to leverage technology and innovation to drive growth and efficiency [1].

References:
[1] https://www.irishtimes.com/business/2025/09/04/paypal-profit-up-but-revenue-declines/
[2] https://www.marketscreener.com/news/paypal-venmo-users-to-gain-early-access-to-perplexity-s-comet-ai-browser-ce7d59dbd98ffe26
[3] https://www.marketbeat.com/instant-alerts/filing-lansforsakringar-fondforvaltning-ab-publ-sells-4008-shares-of-paypal-holdings-inc-pypl-2025-08-29/