PayPal has delivered another solid financial report bolstered by growth in its active user base -- as well as on its social payments platform Venmo. PayPal disclosed for the first time ever Venmo's active user base, revealing the platform now has over 40 million active accounts.
As for the numbers, the San Jose, Calif.-based payments company reported a net income of $667 million, or 56 cents per share. Non-GAAP earnings were 78 cents per share on revenue of $4.13 billion, up 12% year over year. Wall Street was looking for earnings of 68 cents per share on revenue of $4.13 billion.
Elsewhere on the balance sheet, the company grew its active account base by 9.3 million during Q1 to total of 277 million. PayPal says it processed $161 billion in total payment volume during the quarter. Breaking the numbers down further, PayPal says it processed 2.8 billion payment transactions, or roughly 38 transactions for each active account.
PayPal's Venmo processed more than $21 billion of TPV, up 73 over the same period last year. The company said P2P payments volume increased 41% to $42 billion, and represented approximately 26% of TPV. Mobile payments were also strong, as the company said it processed approximately $66 billion in mobile payment volume during the quarter.
In terms of outlook, analysts are expecting second quarter revenue of $4.37 billion with earnings of 69 cents a share. PayPal's response was mixed, with the company shooting below target on revenue with a range of $4.30 billion to $4.34 billion. Earnings are expected to be between 68 cents and 70 cents a share.
"We had a great start to the year, with strong growth in revenue, net new active accounts and engagement across our platform," said PayPal CEO Dan Schulman. "We now have 277 million customer accounts, including 22 million merchant accounts and over 40 million active Venmo accounts. We are confident in the 2019 targets we outlined last quarter as we continue to leverage our wide range of unique assets in our global digital payments platform."