PayPal delivered strong second quarter financial results, reporting a net revenue of $6.24 billion. The company also reported another quarter of solid user growth, adding 11.4 million net new active accounts during Q2 to bring its total active accounts to 403 million.
Looking at the numbers, PayPal reported a net income of $1.65 billion, or $1 per share. Non-GAAP earnings were $1.15 per share. Wall Street was looking for earnings of $1.12 per share on revenue of $6.27 billion.
PayPal says it processed $311 billion in total payment volume during the quarter, a TPV growth of 40% year over year.
Breaking the numbers down further, PayPal says it processed 4.7 billion payment transactions, up 27%, and had 43.5 payment transactions per active account.
Meanwhile, PayPal said its social payments platform Venmo processed approximately $58 billion in TPV, growing 58%.
"On the heels of a record year, we continued to drive strong results in the second quarter, reflecting some of the best performance in our history," PayPal CEO Dan Schulman said.
"Our platform now supports 403 million active accounts, with an annualized TPV run rate of approximately $1.25 trillion. Clearly PayPal has evolved into an essential service in the emerging digital economy."
In terms of outlook, analysts are expecting third quarter revenue range of $6.15 billion to $6.25 billion. PayPal said it expects GAAP earnings per diluted share to be $0.68 and for non-GAAP earnings per diluted share to be approximately $1.07. Shares of PayPal were down 8.01% after hours.
For the year, PayPal expects TPV growth of ~30% on a spot and FXN basis, and net new active accounts between 52 million and 55million, up from previous expectations of 50 million. For fiscal revenue, PayPal expects to bring in $25.75 billion in 2021, with non-GAAP EPS of $4.70, above analyst consensus.