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Investing.com – PayPal (NASDAQ:PYPL) reported Wednesday mixed second-quarter results as earnings beat, but revenue fell just short of analysts’ forecasts.
PayPal Holdings Inc shares lost 8.01% in after-hours trade following the report.
PayPal Holdings Inc announced earnings per share of $1.15 on revenue of $6.24 billion. Analysts polled by Investing.com anticipated EPS of $1.12 on revenue of $6.27 billion.
Total payment volume rose 40%, to $311 billion, in the second quarter from the prior-year period as net new active accounts fell 47%, to 11.4 million.
Venmo, its peer-to-peer payments app, processed about $58 billion in payment volumes in Q2, up 58% annually.
For the third quarter, EPS was guided in line with the prior-year period, while revenue was expected to grow. Non-GAAP EPS is expected to be $1.07 with net revenue in the range of about $6.15 billion to $6.25 billion.
Looking ahead, the company raised its outlook on total payment volume, but maintained its overall guidance for the year.
TPV growth now expected to be in the range of about 33%-to-35% at current spot rates and on an FXN basis. Non-GAP EPS is expected to grow about 21% to $4.70, with 52-to-55 million net new active accounts expected to be added in fiscal 2021.
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