PayPal Q4 solid, revenue up 17 percent

The San Jose, Calif.-based payments company reported revenue of $2.98 billion.

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PayPal delivered solid fourth quarter and fiscal year financials after the bell Thursday.

The San Jose, Calif.-based payments company reported a net income of $390 million, or 32 cents per share.

Non-GAAP earnings were 42 cents per share on revenue of $2.98 billion, up 17 percent year over year.

Wall Street was looking for earnings of 42 cents per share on revenue of $2.98 billion.

For the year, PayPal brought in $10.84 billion in revenue on non-GAAP earnings of $1.15 per share.

PayPal says it processed $99 billion in total payment volume (TPV) during the fourth quarter and $354 in TPV for the fiscal year. The company says it added 18 million new customers in 2016, ending the year with 197 million active customer accounts.

Venmo, the company's social payments platform, processed $5.6 billion of TPV in the fourth quarter, up 126 percent from a year ago. Mobile was also a strong category for PayPal, particularly around the 2016 holiday season. In the five days between Thanksgiving and Cyber Monday, PayPal said it processed more than $2 billion in mobile payments.

"In the past year, we transformed our market opportunity with a series of strategic partnerships with networks, financial institutions, technology companies, and mobile carriers," said PayPal CEO Dan Schulman. "At the end of a landmark year for PayPal, we feel well positioned to deliver sustainable and profitable growth in 2017 and beyond."

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