PayPal Lifts Guidance After Earnings, Revenue Beat in Q1

© Reuters.

By Yasin Ebrahim – PayPal (NASDAQ:) raised its outlook on its full-year performance Wednesday after reporting first quarter that beat analysts’ forecasts and revenue that topped expectations.

PayPal Holdings Inc shares gained 3.82% in after-hours trade following the report.

PayPal Holdings Inc announced earnings per share of $1.22 on revenue of $6.03 billion. Analysts polled by anticipated EPS of $1.01 on revenue of $5.91 billion.

Total payment volume rose 50%, to $277 billion, in the first quarter from the prior-year period even as net new active accounts fell 28%, to 14.5 million to take total active accounts up 21% to 392 million.

Venmo, its peer-to-peer payments app, processed about $47 billion in payment volumes in Q4, up 60% annually.

Looking to 2021, non-GAP EPS is expected to grow 21% to $4.70 and revenue up about 20%. Total payment volume was guided to grow about 30% and net new accounts to grow in a range of 52 million to 55 million.

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