Investing.com -- PayPal reported Wednesday second-quarter results that topped expectations as ongoing strength in consumer spending underpinned payment volume growth.
PayPal (NASDAQ:PYPL) fell more than 6% in afterhours trading following the report.
PayPal reported EPS of $1.16 on revenue of $7.29 billion. Analysts polled by Investing.com anticipated EPS of $1.15 on revenue of $7.27B.
Active accounts grew to 431M from 429M.
Total payment volume, a key measure of performance, rose 11%, to $376.5B.
For Q3, adjusted EPS was expected to grow 13% to 14% to a range of $1.22 of $1.24 on revenue growth of 8% to about $7.4B. That compared with Wall Street estimates for EPS and revenue of $1.22 and $7.33B, respectively.
For 2023, EPS was expected to come in at $4.95, just above expectations of $4.94.
The company also said that share repurchases for 2023 was now expected to reach about $5B.