Quarterly Results Spotlight: PayPal (NASDAQ: PYPL)
PayPal (NASDAQ: PYPL) third-quarter results.
Revenue: rose 13% to US$6.18bn.
Adjusted EPS: US$1.11/share vs analysts expectations of US$1.07/share.
Total payment volume: grew 26% to US$310bn.
Active accounts: increased 15% YoY to 416m, with 13.3m new active accounts added in Q3.
Significant changes: elimination of consumer late fees.
Partnerships announced in the third-quarter: Amazon deal for PayPal’s Venmo product.
Fourth-quarter forecast: EPS of US$1.12/share on revenue of US$6.85bn – US$6.95bn.
PayPal Chief Financial Officer John Rainey said ‘We’re off to a solid start in the fourth quarter, but growth rates still remain slightly below our prior expectations. In addition, retail supply chain and labour market concerns, which may impact the important holiday season, have led us to adopt a more cautious stance for the fourth quarter’.
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