PayPal adds 8 million new active users in Q1

The payments company released the latest user figures inside of its first quarter financial report.

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PayPal has delivered another solid financial report bolstered by growth in its active user base.

The San Jose, Calif.-based payments company reported a net income of $511 million, or 50 cents per share.

Non-GAAP earnings were 57 cents per share on revenue of $3.69 billion, up 24 percent year over year. Wall Street was looking for earnings of 54 cents per share on revenue of $3.59 billion.

Elsewhere on the balance sheet, the company grew its active account base by 8.1 million during Q1.

PayPal says it processed $132 billion in total payment volume during the quarter. Breaking the numbers down further, PayPal says it processed roughly 34.7 payment transactions for each active account.

PayPal's social payments platform Venmo processed more than $12 billion of TPV, up 80 percent over the same period last year. The company said P2P payments volume increased 50 percent to $30 billion, and represented approximately 23 percent of TPV. Mobile payments were also strong, as the company said it processed approximately $49 billion in mobile payment volume during the quarter, representing growth of around 52 percent year over year.

In terms of outlook, PayPal expects Q2 revenue in the range of $3.78 billion to $3.83 billion, with earnings between 54 cents and 56 cents a share. Analysts are expecting revenue of $3.75 billion with earnings of 56 cents a share.