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PayPal Holdings Inc.
PYPL, -3.26%
Stocks rose 1.7% after hours on Thursday, after the company exceeded earnings and earnings expectations in the third quarter, but fell short of estimates of total payments. PayPal posted a net profit of $ 436 million, or 36 cents a share, up from $ 380 million or 31 cents a share a year ago. The company posted adjusted earnings per share of 58 cents, up from 46 cents a year earlier, exceeding FactSet's consensus estimate of 54 cents. PayPal met or exceeded FactSet's revenue expectations each quarter as it was a standalone company. Revenues for the third quarter increased from $ 3.24 billion to $ 3.68 billion. Analysts were expecting $ 3.66 billion. Total payments reached $ 143 billion, up from $ 114 billion a year ago. The FactSet consensus provided $ 145 billion worth of POS. PayPal has stated that eBay Inc.
EBAY, -1.47%
market volume increased by 3% and accounted for 11% of the total TPV, while the total volume of market services increased by 28%. The company said it was a record quarter for acquiring new customers, with 9.1 million active accounts added, for a total of 254 million accounts. Active account holders make an average of 36.5 payment transactions per year, according to PayPal. The peer-to-peer volume reached $ 36 billion and included $ 17 billion in Venmo contributions. PayPal expects adjusted EPS of 65 to 67 cents for the current quarter, as well as a turnover of $ 4.195 to $ 4.275 billion. The company has raised the lower limit of its outlook for the year while maintaining the upper limit. It now expects revenues of $ 15.42 to $ 15.5 billion in 2018, including a 3.5 percentage point impact from the sale of its client receivables portfolio to Synchrony.
SYF, -1.43%
PayPal expects adjusted EPS of $ 2.36 to $ 2.40. Shares have gained 16% in the last 12 months, while the S & P 500 Index
SPX, -1.44%
has climbed 10%.
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