PayPal delivered strong second quarter financial results on Wednesday, beating market estimates, but its third quarter revenue guidance came up short.
The San Jose, Calif.-based payments company reported a net income of $526 million, or 44 cents per share.
Non-GAAP earnings were 58 cents per share on revenue of $3.86 billion, up 22 percent year over year. Wall Street was looking for earnings of 57 cents per share on revenue of $3.81 billion.
In terms of outlook, analysts are expecting revenue of $3.71 billion with earnings of 54 cents a share. PayPal responded with Q3 revenue guidance in the range of $3.62 billion to $3.67 billion, with earnings between 53 cents and 55 cents a share. The
The company did raise its guidance for the fiscal year. PayPal now expects full-year revenue in the range of $15.30 billion to $15.50 billion.
Elsewhere on the balance sheet, the company grew its active account base by 7.7 million during Q2.
PayPal says it processed $139 billion in total payment volume during the quarter. Breaking the numbers down further, PayPal says it processed roughly 35.7 payment transactions for each active account.
PayPal's social payments platform Venmo processed more than $14 billion of TPV, up 78 percent over the same period last year. The company said P2P payments volume increased 50 percent to $33 billion, and represented approximately 24 percent of TPV. Mobile payments were also strong, as the company said it processed approximately $54 billion in mobile payment volume during the quarter, representing growth of around 49 percent year over year.