PayPal Holdings’ first quarter earnings surpassed analysts’ estimates.
The online payments systems company reported adjusted earnings of 78 cents a share, which exceeded the 68 cents expected by analysts surveyed by FactSet. The figure is also higher than the year-ago quarter’s 57 cents a year.
The company’s revenue of $4.13 billion was in line with analysts' estimates.
PayPal added 9.3 million new active accounts during the quarter, leading to a total count of 277 million. Total payment volume increased to $161 billion, compared to analysts’ expectations of $163 billion.
Reporting for its Venmo peer-to-peer digital payment service, PayPal said that around 40 million people used it for at least one transaction in the last 12 months, contributing up to $21 billion in total payment volume in the first quarter.
Looking ahead, PayPal expects revenue to range between $4.3 billion and $4.34 billion for the current quarter. It estimates adjusted per-share earnings to come in between 68 cents and 70 cents for the quarter. For the full year, the company bumped up its earnings per share outlook to between $2.94 and $3.01.