.July 30, 2024 12:14:00 PM

PayPal’s shares surged 8% after beating analyst expectations with an EPS of $1.19 for Q2, higher than the estimated $0.98. Revenue hit $7.9 billion, slightly exceeding the projected $7.82 billion. Total payment volume reached $416.81 billion, up 11% year-over-year, close to the forecasted $417.27 billion. Transaction revenue grew by 9.1% to $7.15 billion. Active customer accounts totaled 429 million, slightly down from last year but above the expected 427.47 million.

PayPal plans to repurchase $6 billion in shares and raised its free cash flow projection to around $6 billion. For Q3, adjusted EPS is expected to grow by high single digits and revenue by mid-single digits. For the full fiscal year, adjusted EPS growth is forecasted in the low to mid-teens, an improvement from the previous estimate.