PayPal’s quarter exceeded expectations across the board

Tech Crunch

PayPal, the digital payments company, shared its growing financials after the bell on Thursday. Shares ticked up about 4% in initial after-hours trading.

The company beat Wall Street’s expectations for the third quarter, posting an adjusted 46 cents per share. Analysts had been predicting 43 cents.

Revenue was also above the bar, with $3.24 billion, versus the $3.16 billion forecast. It’s also up 22% since last year.

It brought in a record total payments volume of $114 billion, a measurement of total transactions on the platform. This is up 30% from last year.

It’s been a little over two years since PayPal separated from eBay. “PayPal delivered one of its strongest quarters since becoming an independent company,” said Dan Schulman, CEO of PayPal, in a statement.  “Putting our customers first in everything we do, enhancing our suite of products and services, and partnering with some of the world’s most popular brands are delivering tangible results.”

PayPal raised full-year guidance for both revenue and earnings. Revenue for the calendar year is expected to be between $12.920 – $12.980 billion.

PayPal now has 218 million active accounts, compared to 192 million in the same period last year.

The company saw 54% growth in mobile payments, totaling $40 billion. Venmo, the peer-to-peer payments platform, accounted for part of that growth.

PayPal closed Thursday with a market cap of $80.9 billion.

Featured Image: PayPal

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