Benzinga - Finance and payments company PayPal Holdings (NASDAQ: PYPL) reported first quarter financial results after market close Monday. Here are the key highlights.
What Happened: PayPal reported first-quarter revenue of $7.04 billion, which was up 9% year-over-year. The revenue beat a Street consensus estimate of $6.98 billion, according to data from Benzinga Pro.
The company reported earnings per share of $1.17 for the first quarter, beating a Street estimate of $1.10.
Total Payment Volume for the first quarter was $354.5 billion, up 10% year-over-year. Payment transactions totaled 5.8 billion, up 13% year-over-year.
The company ended the first quarter with 433 million total active accounts, up 1% year-over-year.
“PayPal had a very good start to 2023 and delivered stronger than expected performance in the first quarter. We’re working hard to continually improve our already popular checkout and digital wallet experiences, and it is beginning to pay off. We are confident in our momentum and are raising our full-year EPS guidance as a result,” PayPal CEO Dan Schulman said.
Related Link: Trading Strategies For PayPal Stock After Q1 Earnings
What’s Next: The company is guiding for second quarter revenue to be up in a range of 6.5% to 7% year-over-year.
Second quarter earnings per share are expected to be in a range of $1.15 to $1.17, compared to Street estimates of $1.04, according to data from Benzinga Pro.
For the full fiscal year, PayPal is guiding for earnings per share of $4.95, higher than a Street estimate of $4.36.
The company expects to buy back a total of around $4 billion of its shares during the full fiscal year.
PYPL Price Action: PayPal shares are down 4% to $72.88 in after-hours trading Monday, versus a 52-week trading range of $66.39 to $103.02.
Read Next: PayPal Retains Buy Rating From Analyst While Navigating Ecommerce Headwinds
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.