Nasdaq-listed payment giant, PayPal Holdings recently reported its financial results for the second quarter of 2022 (Q2 2022). The company witnessed net revenues of $6.8 billion, which is up by almost 9% compared to the same period last year.
PayPal’s total payment volume (TPV) touched $339.8 billion in the reported period. With a spike of almost 12%, the operating cash flow reached $1.5 billion in the second quarter. Overall payment transactions climbed 16% YoY to 5.5 billion in Q2.
PayPal’s stock jumped by nearly 13% in extended trading hours on Tuesday after Elliot Management confirmed an investment worth $2 billion in the financial services firm. Recently, Elliot Management became a prominent investor in Pinterest.
“Our second quarter results were solid with currency-neutral revenue and non-GAAP earnings growth exceeding expectations. We continue to gain share as we execute across our key strategic initiatives, even as we drive operational efficiency across our business,” Dan Schulman, the President and CEO of PayPal, commented.
“We are advancing our priorities and sustainably improving our cost structure. The cash flow generating power of our business is a strategic competitive advantage. We are focused on creating value for our shareholders and strengthening our position as a leading global digital payments platform," Gabrielle Rabinovitch, the Interim CFO and SVP of Corporate Finance and Investor Relations at PayPal, said.
In April 2022, John Rainey announced his departure from PayPal. He served as the company’s Chief Financial Officer.
Outlook
For the full year 2022, PayPal is expecting solid growth across different business segments. According to the company, its revenues are expected to grow at around 10% in 2022.
“GAAP EPS [is] expected to be between $1.52-$1.62, raising expected non-GAAP EPS to $3.87-$3.97. Total payment volume (TPV) is expected to grow at 12% on a spot basis and 16% on FXN. Approximately 10 million Net New Actives (NNAs) [is] expected to be added in FY'22,” PayPal noted.
