The American payment system PayPal Holdings in the first quarter of 2024 increased net profit by 12% compared to the first quarter of last year, and revenue by 9%. This is evidenced by company data.
►Readtelegram -channel“Ministry of Finance”: main financial news
Profit
Net profit in January-March 2024 amounted to $888 million compared to $795 million for the same period of the previous year. Earnings per share rose to $0.83 from $0.7 a year earlier.
Earnings excluding one-time factors were $1.08 per share, below the average forecast of $1.22 per share among analysts surveyed by FactSet. PayPal began using a new methodology for calculating this indicator and now, in particular, takes into account the cost of paying compensation in the form of shares.
The company's quarterly revenue was $7.7 billion versus $7.04 billion a year earlier. The analysts' consensus forecast for this indicator was $7.5 billion.
Payment volume
The total volume of payments on the company's platforms increased by 14%, to $403.9 billion. The figure excluding currency fluctuations also increased by 14%.
The number of processed transactions increased by 11%, to 6.5 billion. The number of active accounts in the PayPal system for the year decreased by 1%, to 427 million, compared to the previous quarter, it increased by 0.4%.
Forecast
According to PayPal's forecast, in the current quarter its revenue will increase by 6. 5-7%, earnings per share will be $0.83, adjusted earnings will be $0.87 per share.
For the full year 2024, the company expects to receive net income of $3.65 per share. PayPal expects its annual adjusted earnings to increase 5-9%.
