PayPal shares rise in after hours trading on better than expected first quarter figures

 
Oliver Gill
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PayPal chief exec Dan Schulman said the first quarter results were another step in "democratising financial services" (Source: Getty)

Shares in PayPal jumped over six per cent in after hours trading this evening after the company posted better than expected first quarter profits and upped its guidance for the rest of the year.

The online payments firm revealed revenues of $2.98bn (£2.33bn) with earnings per share of 44 cents. This compared with a Thomson Reuters consensus of $2.94bn and 41 cents.

The company also upgraded full-year earnings from $1.74 and $1.79 per share, higher than the analyst projections of $1.72.

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“With another quarter of strong financial results, we continue to deliver on our vision to democratise financial services for our consumers and drive the global transition from cash to digital payments,” said Dan Schulman, president and chief executive of PayPal.

“We are deepening our merchant offerings and relationships, and expanding our network of strategic partnerships to make PayPal more available in new contexts and new markets."

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Paypal said it had added 6m active customer accounts, meaning it ended the quarter with 203m, including 16m merchant accounts.

Generating $603m of free cashflow during the period, PayPal also unveiled a $517m share buyback plan.

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