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Home Financial Services

PayPal Reports Strong Q1 Revenue Growth Despite Decline in Active Accounts

byLiliana Vida
April 30, 2024
in Financial Services, Large-Cap
Reading Time: 1 min read
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Payment Volumes Surge as Company Focuses on Strategic Initiatives

PayPal Holdings (PYPL) exceeded revenue expectations in its fiscal first quarter, reporting a 9% year-over-year growth to $7.7 billion. However, adjusted earnings per share (EPS) fell short of analyst estimates at $1.08 per share.

The company witnessed a 14% increase in total payment volumes, reaching $403.9 billion, while payment transactions rose by 11%. Despite the surge in payment volumes, active accounts experienced a slight decline of 1% to 427 million.

Despite economic concerns, consumer spending remains robust, particularly in online shopping and dining out, which has supported PayPal’s growth trajectory. However, heightened competition in the payments sector, notably from rivals like Apple Inc., has impacted the growth of its branded products.

To streamline operations, PayPal announced plans to cut approximately 2,500 jobs earlier this year, representing 9% of its global workforce. Despite these challenges, the company’s operating margin expanded, reaching 18.2%.

Looking ahead, PayPal anticipates second-quarter revenues to increase by 6.5%—7%, with adjusted EPS expected to grow in the low double-digit percentage compared to the prior year’s period. For the full year 2024, adjusted EPS is forecasted to increase by a mid to high single-digit percentage.

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