PayPal Q2 Transaction Revenue Rose 17%; Earning Top Estimates
The payments giant added 11.4 million new accounts in the period, down from 23.3 million in the year-earlier quarter.
The payments giant added 11.4 million new accounts in the period, down from 23.3 million in the year-earlier quarter.
Part of PayPal’s transaction revenue comes from the company’s crypto buy, sell and hold product, but the company excludes crypto payments from total payment volume.
The payments giant also added 11.4 million in net new active accounts in Q2, down from the 23.3 million in year-earlier period and below the 14.5 million it added in Q1.
Overall, PayPal topped expectations with Q2 adjusted earnings of $1.15, above the consensus estimate of $1.12 according to FactSet.
The company has reported in the past that customers who purchased crypto through the platform have been logging into PayPal twice as often as they were before they could buy crypto.
PayPal is also working on the ability to transfer crypto to third party wallets and create a more seamless process for tax reporting, Schulman said.
“We are clearly thinking about what the next generation of the financial system looks like, how we can help shape that,” Schulman said. “We are working with regulatory agencies, central banks across the world. The number of countries that are looking at central bank issued digital currencies is increasing rapidly.”
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