Probably the best known electronic payment firm in the world PayPal Holdings Inc (NASDAQ:PYPL) saw shares rise over 3% in New York in extended trading after it reported an earnings beat in its latest quarter.
The firm also raised its outlook for the full year, now expecting revenues in the range of between US$12.92bn and US$12.98bn.
READ: PayPal will need strong Q3 numbers if it wants recent share price surge to continue
That's up from the US$12.775bn to US$12.875bn range it forecast earlier in the summer.
Earnings per share (EPS) for the three months was 46 US cents, against 43 US cents which had been expected by Wall Street, while revenues came in at US$3.24bn compared to US$3.18bn.
The group's results were boosted by a strong performance in mobile payments.
Around 35% of volumes came through a mobile device and mobile payment volume increased a whopping 54% from a year ago to about US$40bn, showing the firm's ability to pick up market share here.
Venmo, the app which allows individuals in the US to send each other money through a mobile app owned by the group, more than doubled its payments volumes.
PayPal is beating its competition in person to person mobile transactions. Will tech giants look to acquire them? #OSIF2017F https://t.co/FOJnKwfmN7
— Jorge Brambila Jr (@JorgeBrambilaJr) 19 October 2017
During the quarter, PayPal also announced a partnership with video communications app Skype to allow users of the service to send money to other users with PayPal, via their Skype mobile app.
"In addition to our solid financial performance, we also reported record customer growth with the addition of 8.2 million net new actives," said chief executive Dan Schulman.
"As the world rapidly accelerates to digital payments, we have a tremendous opportunity in front of us."
READ: PayPal Holdings shares tick higher still on Apple tie-up
Heavyweight broker Morgan Stanley recently upgraded the stock to ‘overweight’, claiming that PayPal is “among the few large companies that can deliver high-teens revenue growth with significant upside opportunities”.
The company parted with online auction giant eBay (NASDAQ:EBAY) in 2015.
After initially resisting pressure from activist investor Carl Icahn to split from PayPal, former eBay chief John Donahoe agreed in 2014.