Benzinga - by Chris Katje, Benzinga Staff Writer.
Financial technology company PayPal Holdings (NASDAQ:PYPL) reported third-quarter results after the market close Wednesday.
Here are the key highlights.
What Happened: PayPal reported third-quarter revenue of $7.4 billion, which was up 8% year-over-year. The revenue beat a Street consensus estimate of $7.38 billion, according to data from Benzinga Pro.
The company reported earnings per share of $1.30, which were up 20% year-over-year, and beat a Street estimate of $1.23.
Total payment volume was $387.7 billion in the third quarter, up 13% year-over-year. The company said payment transactions totaled 6.3 billion, up 11% year-over-year. Payment transaction per active account were 56.6 over the trailing 12 months.
The company ended the quarter with 428 million total active accounts, down from 432 million in the third quarter of the previous year.
"My first 30 days leading PayPal have confirmed my belief in the company's strong assets and market position," PayPal CEO Alex Chriss said.
PayPal ended the third quarter with cash and cash equivalents of $15.4 billion.
The company repurchased 23 million shares worth $1.4 billion in the third quarter and has repurchased 75 million shares worth $5.4 billion in the trailing 12 months.
PayPal also announced it is appointing Jamie Miller as chief financial officer with an effective date of Nov. 6. Miller's experience includes financial positions with GE, Cargill and accounting firm EY.
Related Link: Trading Strategies For PayPal Stock After Q3 Earnings
What's Next: PayPal’s guidance calls for fourth-quarter revenue to be up 6% to 7% year-over-year. The company is guiding for fourth-quarter earnings per share of $1.36 and full-year earnings per share to be $4.98.
"We will become more efficient so we can innovate and execute with higher velocity," Chriss said. "The opportunity to drive greater impact for our customers and unlock profitable growth makes it an exciting time to be at PayPal.
PYPL Price Action: PayPal shares were trading slightly higher after-hours Wednesday to $51.75 versus a 52-week trading range of $50.25 to $92.62.
Read Next: PayPal Q3 Earnings Preview: Cautious Optimism Prevails
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