Results
EPS: $1.15 vs $1.12 expected, slightly beating expectations
Revenue: $6.24 billion vs $6.27 billion, a slight miss for revenue
- 19% YoY growth
Added 11.4 million net new active accounts, for a total of 403 million
Total payment volume (TPV) of $311 billion, up 40% YoY
- Venmo payment volume grew 58% to $58 billion
43.5 payment transactions per active account TTM, up 11%
FCF of $1.06 billion, declining 33%
Q3 Guidance
EPS: $1.07, below market expectations of $1.14
Revenue: $6.15-6.25 billion, below market expectations of $6.44 billion
FY21 Guidance
TPV growth between 33%-35%
Revenue of $27.75 billion, growth of 20%
EPS of $4.70, up 21%
52-55 million NNAs added
Market Reaction
- Fell 8% after-close, has climbed back up to be 5.3% below the market Venmo’s Crypto Play
Began supporting cryptocurrency services in April,
With its network of 32 million retailers, PayPal’s crypto ambitions have positioned the company as a rival to Coinbase, the country’s most popular crypto exchange.
Other Commentary
eBay is transitioning off of its platform, which is causing a “short-term drag” on growth but says the eBay transition will be completed by the end of the third quarter.