PayPal has reported its first quarter earnings and has managed to surpass analyst expectations slightly. The company reported earnings that equated to 44 cents per share. Analysts on the other hand were expecting 41 cents. Net income stood at $384 million leading to a 7 percent bump up in its stock prices.
Revenue stood at around $2.975 Billion. This totaled up to a growth of 17% year-over-year. Incidentally, this was also above the $2.94 Billion revenue as predicted by FactSet analysts.
Speaking about the company’s financial report, Dan Schulman, President and CEO of PayPal said:
With another quarter of strong financial results, we continue to deliver on our vision to democratize financial services for our consumers and drive the global transition from cash to digital payments.
The company has also announced a new, $5 Billion repurchase program. With respect to the number of users, PayPal made a good showing for itself and came up with 6 million new customers — taking the total number up to 203 million active users.
With respect to payments volume, PayPal stood at a cool $99 Billion. This is an increase of around 23-25 percent year-over-year depending upon which currency you were talking in.
In case you are wondering how the heck did PayPal managed to transact that much money, you should remember that it also owns Braintree (which processes transactions for the likes of Uber, Airbnb, Facebook messenger) and Venmo, which is a popular platform for peer-to-peer payments. And of course, this is the sum of both mobile and desktop transactions.
Well, another Billion and the total transaction volume would have climbed to $100 Billion. Another billion wouldn’t have made much difference in the overall scheme of things but 100 Billion sounds so much better than 99. Plus bragging rights, you know.
Meanwhile, here are a few tweets highlighting the company’s latest earnings: