PayPal (NASDAQ:PYPL) has reported its Q3 earnings, which were capped off by strong revenues and earnings growth on a yearly basis, laying the ground for an optimistic fiscal year, according to a group filing.
PayPal’s revenues climbed higher in Q3 2017 to $3.239 billion on a neutral foreign exchange (FX) basis, up 22 percent year-over-year from Q3 2016.
In addition, PayPal’s GAAP earnings per diluted share (EPS) also illustrated a growth of 17 percent year-over-year to $0.31 in Q3 2017, as well as a non-GAAP EPS growth of 31 percent to $0.46 from Q3 2016.
Meet the Cryptocurrencies Tackling Inflation Head OnGo to article >>
One area that did see a notable rise over last year was PayPal’s operating cash flow, which came in at $1.006 billion with a free cash flow of $841 million in Q3 2017. This was good for a jump of 36 percent from a year ago.
During Q3 2017, active customer accounts were recorded at 218 million in Q3 2017, with more than 17 million merchant accounts. The latest figure includes 8.2 million new active customer accounts added in the third quarter, an 88 percent year-over-year growth.
A total of 1.9 billion transactions were processed in Q3 2017 at Paypal, climbing by a factor of 26.0 percent year-over-year from Q3 2016.
Commenting on the results, Dan Schulman, President and CEO of PayPal, said: “PayPal delivered one of its strongest quarters since becoming an independent company. Putting our customers first in everything we do, enhancing our suite of products and services, and partnering with some of the world’s most popular brands are delivering tangible results. In addition to our solid financial performance, we also reported record customer growth with the addition of 8.2 million net new actives. As the world rapidly accelerates to digital payments, we have a tremendous opportunity in front of us.”