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Wall Street Estimates Beaten by PayPal Q3 Revenue Report

As a result of the third quarter of 2022, PayPal, a digital payments company, reported a net revenue of $6.85 billion....
paypal
Photo by Marques Thomas

As a result of the third quarter of 2022, PayPal, a digital payments company, reported a net revenue of $6.85 billion. This beat Wall Street’s estimates. The GAAP earnings per share were $1.15, compared with the Street estimate of $0.96. EPS increased 26% over the prior year.

PayPal, a digital payments company, reported net revenue of $6.85 Billion for the third quarter of 2022.

According to Factset, the Wall Street consensus was $6.82 trillion. PayPal’s earnings release stated that net revenue increased 11% year-over-year.

GAAP earnings per share were $1.15, compared with the Street estimate of $0.96. EPS increased 26% year-over-year.

PayPal said that its total volume of payments grew 9% quarter-over-quarter, reaching $337 billion for the period. Sixty-three billion dollars of that quarterly figure were contributed by Venmo.

“We delivered strong results in the third quarter,” said President and CEO Dan Schulman. “We will continue investing in our key priorities in order to improve our leading position in digital commerce and payments.”

PayPal added the ability to transfer funds between PayPal and other wallets earlier this year. This was a long-awaited feature. In late 2020, PayPal began selling crypto through a partnership agreement with Paxos.

As previously reported, PayPal received a virtual currency license from New York’s Department of Financial Services in June.

PayPal also has other crypto-related initiatives, including explorations of a stablecoin. However, the company has not disclosed much beyond confirmation by The Block that such work is underway.

After the close of trading, PayPal’s stock plummeted in value. PYPL has fallen more than 12% as of press time.

PayPal’s third quarter earnings call will be held at 5:30 p.m. ET.

Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".
Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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