Minutes after the close of the Nasdaq this Wednesday in New York, global technology and Payments provider PayPal, listed on the exchange under ticker PYPL, reported first quarter (Q1) earnings with revenue growth of 19% to $2.544 billion, and the positive performance helped lift its share price in the after-hours trading session trading as high as $41.72.
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PayPal reported 23% growth during Q1 2016 on an FX-neutral basis and saw a 43% rise in earning per share (EPS) to $0.30 cents per share on a GAAP basis, and 28% on a non-GAAP basis with to $0.37 cps.
The company expanded its market-share and customer base, adding 4.5 million active customer accounts and finished the quarter with the quarter with 184 million clients overall and with the number of processed transactions climbing by 26% to 1.4 billion.
The average active PayPal customer account had 28 payment transactions on a trailing twelve-month basis, which improved by 12% from the prior period, and total payment volume (TPV) rose 31% on an FX-neutral basis reaching $81b. In addition, the firm reiterated its 2016 guidance and outlook.
"Our first quarter results continue to demonstrate the power of our global payments platform to attract and engage consumers, increasing our global scale and in turn attracting new merchants and partners to PayPal,” said Dan Schulman, President and CEO of PayPal, commenting in the official press release. “Our focus on payments and ability to innovate for merchants and consumers continues to differentiate PayPal and drive our growth in a dynamic and competitive environment.”
Shares of PYPL were up by nearly $1 per share or 2.5% to $41.00 around time of publication after settling from the after-hours session high.
Source: PayPal Q1 2016 Earnings
