PayPal Holdings Inc (NASDAQ:PYPL) saw its 3Q results surpass analyst estimates on the top and bottom lines.
The company delivered a solid quarter with non-GAAP EPS reaching $1.30, surpassing the forecasted $1.22. Additionally, the company reported net revenues of $7.4 billion, exceeding the expected revenue of $7.39 billion.
That marked a 13% year-over-year improvement in earnings and 8% in revenue.
On an operational level, PayPal saw strong year-over-year growth, with double-digit increases in both volume and transactions. Total Payment Volume (TPV) reached $387.7 billion, marking a 15% growth. The company processed 6.3 billion payment transactions, showing an 11% increase.
Despite the impressive growth, the total number of active accounts stood at 428 million, slightly down from 432 million in the same period of the previous year.
Looking ahead, PayPal is expecting net revenues to grow by approximately 6%-7% on a spot basis in 4Q, with adjusted EPS projected to grow by approximately 10% to reach $1.36.
For the full fiscal year 2023, PayPal's guidance reveals impressive growth, with non-GAAP EPS projected to increase by around 21% to reach approximately $4.98, compared to $4.13 in FY'22.
New CFO appointed
PayPal also announced the appointment of Jamie Miller as its new CFO, effective November 6. Miller has navigated various companies through dynamic environments and significant transformations. Her impressive background includes roles at notable organizations such as GE and Cargill. Most recently, she served as the CFO of EY.
Shares of PayPal jumped 1.8% after the bell on Wednesday.