The third-quarter results of PayPal came out today.
The report was slightly better than the expectations which had been set by the analysts and was driven by an increase in the volume of total payment.
There was a growth in the quarterly revenue of the company by 19% to $4.38 billion. The GAAP net income of the company was 39 cents per share which was a 7% year-over-year increase. The increase in net income was 5% or 61 cents per share if taken on non-GAAP basis.
The figures are after taking into account the unfavorable impact from the investments which were strategically made in Uber and MercadoLibre. Had that been ignored, the rise in the net income would’ve been 48% and it would have reached 54 cents a share and the rise as per non-GAAP basis would have been 31% to a figure of 76 cents a share.
In the third quarter, PayPal managed an addition of 9.8 million active accounts which meant that the total number of accounts were 295 million, a rise of 16%. The TPV OR Total Payment Volume saw an increase of 25% to an amount of $179 billion.
Venmo saw an addition to its TPV of $27 billion in the quarter which is a rise of 64%.
In their full-year results, the company has said that it is expecting the earnings per share range to be from $3.06 to $3.08 per share with a corresponding revenue range being $17.7 to $17.76 billion.
In the month of September, PayPal had announced that it is going to acquire an equity interest of 70% in GoPay. The deal is expected to be finalized in the fourth quarter. This will be significant as it will make PayPal the maiden foreign payments company which is licensed to provide online payment service in Chinese markets.