PayPal shares rose as much as 5.5% in extended trading on Wednesday after reporting first-quarter earnings that were stronger than analysts had expected.
Here’s how the company did:
- Earnings per share: $1.22, adjusted, vs. $1.01 per share expected in a Refinitiv survey of analysts
- Revenue: $6.03 billion vs. $5.90 billion expected by Refinitiv
- Total payment volume: $285 billion vs. $265 billion expected in a FactSet survey
First quarter net profit rose to $1.10 billion from $84 million a year earlier, and the company added 14.5 million net new active accounts, bringing its total user base to 392 million.
Revenue grew 31% year over year in the quarter that ended Mar. 31, according to a statement. In the year-ago quarter, the pandemic fomented a surge in online shopping, helping to drive record payment volume for the quarter and the full year.
On the company’s earnings call, CEO Dan Schulman pointed to cryptocurrency as a key growth engine for the company.
