via paypal.com
Binance

PayPal (PYPL) reported first-quarter earnings on Wednesday, revealing some significant growth numbers for its social payment app, Venmo.

According to recently published data highlighted by PayPal, Venmo now has 40 million users on the app — the first time the company has shared this metric. Additionally, Venmo’s total payment volume in Q1 2019 increased 73% year-over-year to $21 billion and is on pace to drive nearly $100 billion in TPV this year.

“We had a great start to the year, with strong growth in revenue, net new active accounts and engagement across our platform,” said PayPal President and CEO Dan Schulman. “We launched new strategic relationships with some of the world’s largest marketplaces and platforms including Instagram and MercadoLibre. We now have 277 million customer accounts, including 22 million merchant accounts and over 40 million active Venmo accounts. We are confident in the 2019 targets we outlined last quarter as we continue to leverage our wide range of unique assets in our global digital payments platform.”

PayPal’s earnings were better than expected, with adjusted EPS of $0.78. Intriguingly, PayPal’s person-to-person volume grew 41% to $42 billion, representing 26% of the company’s total payment volume for the quarter, which increased by 25% to $161 billion.

PayPal chart (Google Finance)

PayPal’s stock is now up over 28% this year to $110.56, giving the Palo Alto-based company a $128.9 billion market cap.

More: Venmo has 40 million users, PayPal reveals for first time
Related: PayPal Will Invest About $500 Million in Uber at IPO Price: WSJ

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

Voyager