SAN JOSE, Calif.—PayPal has posted third quarter results that show double-digit growth in overall transaction volume and payments volume, and high single-digit boosts in the number of payments per active account.
The company earned $.58, beating projections by $.04. Revenues were up 14% to $3.7 billion, which was better than Wall Street predicted by around $20 million, Pymnts.com reported.
The company quickened its pace of active accounts added at 9.1 million in the latest quarter, better than the same metric of 8.2 million accounts added in the year-ago period. The company ended the latest period with 254 million active accounts, which represents 15% growth year on year, Pymnts.com noted.
Total payment transactions stood at 2.5 billion, which marked a 27% gain, and were nearly paced by $143 billion logged in total payments volume, which were up 25% on an FX neutral basis. Transactions per active account, said the company, were up 9.5% on a trailing 12-month basis to 36.5 payments per account.
Within the total payments volume, person-to-person (P2P) volumes were up more than 50% to $36 billion. Transactions done across the Venmo app were $16.7 billion, gaining 78% year on year, Pymnts.com said.