PayPal reported first quarter earnings and revenue Wednesday after the bell.
The San Jose, Calif.-based payments company, which was spun off from eBay last year, reported a net income of $365 million, or 30 cents per share (statement).
Non-GAAP earnings were 37 cents per share on revenue of $2.54 billion, up 19 percent year-over-year.
Wall Street was looking for earnings of 35 cents per share on revenue of $2.5 billion.
Looking at the rest of PayPal's numbers, the company says it grew its active account base by 4.5 million during Q1, ending with 184 million active customer accounts. On the merchant side, PayPal ended the quarter with more than 14 million active merchant accounts.
PayPal says it processed $81 billion in total payment volume during the quarter. Breaking the numbers down further, PayPal says it processed 1.4 billion payment transactions, which is equal to 28 payment transactions for each active account.
Venmo, the company's social payments platform, continued on its rapid growth trajectory throughout Q1. PayPal said Venmo processed $3.2 billion of TPV, up 154 percent year-over-year.
"Our first quarter results continue to demonstrate the power of our global payments platform to attract and engage consumers, increasing our global scale and in turn attracting new merchants and partners to PayPal," PayPal CEO Dan Schulman said in a statement.
For the current quarter, PayPal expects non-GAAP earnings between 34 cents and 36 cents, with revenue in the range of $2.570 to $2.620 billion. Wall Street wants to see an EPS of at least 35 cents on revenue of $2.57 billion.
PayPal's stock price ticked up more than three percent in after-market trading.
Overall, PayPal's shares have declined a bit since the eBay split, likely due to increased competition from the likes of the likes of Apple, Google and Visa in the digital payments space.