PayPal delivered solid third quarter financial results on Thursday, beating market estimates. The San Jose, Calif.-based payments company reported a net income of $694 million, or 36 cents per share.
Non-GAAP earnings were 58 cents per share on revenue of $3.68 billion, up 14 percent year over year. Wall Street was looking for earnings of 54 cents per share on revenue of $3.66 billion.
In terms of outlook, analysts are expecting revenue of $4.21 billion with earnings of 65 cents a share. PayPal responded with Q4 revenue guidance in the range of $4.19 billion to $4.27 billion, with earnings between 65 cents and 67 cents a share.
Elsewhere on the balance sheet, the company grew its active account base by 9.1 million during Q3 and ended the quarter 254 million active accounts, up from 218 million the year prior.
PayPal says it processed $143 billion in total payment volume during the quarter. Breaking the numbers down further, PayPal says it processed roughly 36.5 payment transactions for each active account.
PayPal's social payments platform Venmo processed more than $17 billion of TPV, up 78 percent over the same period last year. The company said P2P payments volume increased 50 percent to $36 billion, and represented approximately 24 percent of TPV. Mobile payments were also strong, as the company said it processed approximately $57 billion in mobile payment volume during the quarter, representing growth of around 45 percent year over year.
"New partnerships with American Express and Walmart will increase the value that we can offer to our customers," said PayPal CEO Dan Schulman. "Our strong balance sheet and cash flow enable us to aggressively invest in innovation and growth, creating sustainable and long-term value for our shareholders."