PayPal Holdings Inc (NASDAQ:PYPL, ETR:2PP) reported strong financial results for the second quarter of fiscal year 2024, surpassing market expectations with significant increases in both revenue and earnings per share (EPS).
Total payment volume grew 11% year-over-year on a foreign exchange-neutral basis, reaching $417 billion.
Despite a slight decline in active accounts by 0.4% to 429 million, transactions per active account increased by 11% to 61.
PayPal reported Q2 revenue of $7.9 billion, an 8% year-over-year increase, beating analyst estimates by $80 million. Non-GAAP EPS came in at $1.19, exceeding expectations by $0.20.
In addition to its quarterly performance, PayPal provided guidance for Q3, indicating mid-single-digit revenue growth.
The company also raised its full-year free cash flow forecast to $6 billion, up from $5 billion, and announced an increase in share repurchases to $6 billion, also up from $5 billion.
Shares of PayPal were up nearly 9% on Tuesday morning following the results.