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October 29, 2015

PayPal reports 29% profit increase post eBay split

News: The company has 173 million active user accounts.

By CBR Staff Writer

PayPal’s revenue increased 14% to $2.25bn in the third quarter, compared to $1.97bn in Q3 2014.

The company has reported quarterly earnings for the first time as an independent company after its split from eBay earlier this year.

Net income grew 29% to $301m, or $0.25 per diluted share, compared to $234m, or $0.19 per diluted share, in the same period last year.

The company increased its customer base to 173 million from 157 million, while it processed 345 million transactions from mobile devices, up 38%.

The total payment volume rose 27% to $70bn in Q3.

For full-year fiscal 2015, the company expects earnings per diluted share in the range of $0.94 to $0.98.

PayPal president and CEO Dan Schulman said: "We are operating in a time when change is sweeping through the financial services industry driven by the rise of mobile technology and the acceleration of money becoming digital.

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"These two massive trends play directly to our strengths and we are leveraging this transformation to extend and accelerate our lead."

EBay acquired PayPal in 2002 for $1.5bn. However, due to increasing pressure from activist investor Carl Icahn, the company decided to split PayPal in order to facilitate flexibility to both the companies.

 

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