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PayPal Q2 results top estimates as payment volume grows

Investing.com -- PayPal reported Wednesday second-quarter results that topped expectations as ongoing strength in consumer spending underpinned payment volume growth.   

PayPal (NASDAQ:PYPL) fell more than 6% in afterhours trading following the report. 

PayPal reported EPS of $1.16 on revenue of $7.29 billion. Analysts polled by Investing.com anticipated EPS of $1.15 on revenue of $7.27B.

Active accounts grew to 431M from 429M a year earlier.

Total payment volume, a key measure of performance, rose 11%, to $376.5B.

For Q3, adjusted EPS was expected to grow 13% to 14% to a range of $1.22 of $1.24 on revenue growth of 8% to about $7.4B. That compared with Wall Street estimates for EPS and revenue of $1.22 and $7.33B, respectively. 

For 2023, EPS was expected to come in at $4.95, just above expectations of $4.94.

The company also said that share repurchases for 2023 was now expected to reach about $5B.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.