PayPal (NASDAQ:PYPL), a global payments platform, has reported Q1 numbers of $6.483 billion versus same period last year of $6.033 billion – a 7% growth. Earnings per share (EPS) came in at $0.88 compared to $1.22 in Q1’21. GAAP was pegged at an EPS of $0.43, down 53% versus last year’s Q1.
Dan Schulman, CEO of PayPal stated:
“I’m pleased our first-quarter results exceeded our guidance on revenue and earnings, and we continue to grow faster than the rate of ecommerce. We have much to be proud of but we know we can continue to do even better. We are fortunate to have the opportunity to shape the future of the digital economy by transforming financial services and commerce.”
Total payment volume rose to $323 billion, a 15% increase versus the year prior.
PayPal listed the following high points regarding strategic initiatives:
- Expanded access to PayPal services for the Ukrainian people and enabled global giving campaigns to support relief efforts, raising approximately $500 million so far
- Renewed and expanded global strategic partnerships with American Express and Citibank to continue giving customers choice in how they pay
- Introduced savings as the latest new feature in the revamped PayPal digital wallet, offering U.S. customers more ways to save and manage their money
- Launched new Pay Later offerings in Japan and Germany and continued to expand relationships with leading global merchants
- Enabled complimentary access to Happy Returns for merchants using PayPal Checkout and expanded Return Bar locations across more than 1,300 Ulta Beauty locations across the U.S., bringing the number of Return Bars to more than 5,000
- Launched Give at Checkout in Portugal and the Netherlands, and expanded our Generosity Network into Italy and Spain
PayPal did provide guidance for Q2 as well as full year performance. PayPal expects net revenues to grow approximately 9%. GAAP earnings per diluted share are expected to be in the range of $0.44-$0.46 compared to $1.00 in the prior year period,
For the full year, GAAP EPS is expected to be in the range of $2.19-$2.34 with non-GAAP EPS expected to be in the range of $3.81-$3.93.
Shares rose slightly higher in post-market trading even with forward guidance disappointing expectations. A call is scheduled for 5PM ET today.