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.