The PayPal application can be viewed on a mobile phone.
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PayPal shares rose as much as 5.5% in expanded trading on Wednesday after generating gains in the first quarter that were stronger than analysts expected.
This is how the company did it:
- Earnings per share: Adjusted for $ 1.22 versus $ 1.01 per share expected in a refinitive poll of analysts
- Revenue: $ 6.03 billion versus $ 5.90 billion expected from Refinitiv
- Total payment volume: $ 285 billion versus $ 265 billion expected in a FactSet survey
Net income for the first quarter rose to $ 1.10 billion from $ 84 million a year ago. The company added 14.5 million new net active accounts and increased its total user base to 392 million.
Revenue for the quarter ended March 31st rose 31% year over year, according to a statement. In the prior-year quarter, the pandemic sparked an increase in online shopping and helped drive record payment volumes for the quarter and year as a whole.
In terms of guidance, PayPal sees adjusted earnings of $ 1.12 per share for the second quarter on revenue of $ 6.25 billion. Analysts polled by Refinitiv had expected adjusted earnings per share of $ 1.10 on revenue of $ 6.16 billion.
For the full year, PayPal expects revenue to grow 20% to $ 25.75 billion, and the company called for adjusted earnings to grow 21% to $ 4.70. Analysts polled by Refinitiv were looking for adjusted earnings per share of $ 4.57 and revenue of $ 25.71 billion.
Excluding the post-close movement, PayPal stock is up around 5.9% year-to-date, while the Nasdaq is up around 5.5% over the same period.
The company will host a webcast starting at 5:00 p.m. Eastern Time to discuss its financial results.
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