PayPal Holdings Inc (NASDAQ:PYPL) announced better-than-expected first-quarter earnings on Tuesday, surpassing Wall Street estimates.
The payment processing company reported earnings of US$0.57 per share on revenue of US$3.69bn compared with US$0.44 EPS on revenue of US$3bn in the previous year’s first quarter.
The California-based company beat consensus estimates by analysts for net income of US$0.54 on revenue of $3.59bn.
eBay Inc (NASDAQ:EBAY) recently announced that that within the next five years it would no longer be working with the company, opting instead to partner with Ayden BV, a Dutch payment processing company.
READ: eBay shares jump after Morgan Stanley gives shares a double upgrade, raises price target
Venmo, the mobile payment service owned by PayPal, continued growing, processing US$12bn in total payment volume compared with the US$10bn processed in the fourth quarter.
Shares of the company were up 2.5% in after-hours trading.