PayPal has reported a net income of $411m for the second quarter of 2017, a jump of 27% compared to $323m in the year ago period.
The company’s net revenue for the quarter ended 30 June 2017 was $3.14bn, a rise of 15% compared to $2.65bn in the corresponding period of 2016.
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Operating margin for the second quarter of 2017 declined to 13.7% from 14% in the same quarter of last year.
The payments company said it processed $106bn in total payment volume (TPV) during the quarter, with $36bn coming from mobile payments.
Venmo, the company’s social payments platform, processed $8bn of TPV, growing 103% over the same period last year.
PayPal finished the quarter with 210 million active customer accounts, including 17 million merchant accounts.
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By GlobalDataCommenting on the results, PayPal president and CEO Dan Schulman said: “The accelerating and extensive scale of our two-sided global platform creates a strong foundation for PayPal’s growth, enabling consumers and merchants to transact in new contexts and across operating systems, technologies and platforms.
“Our strong results reflect PayPal’s transformation from a single product to a platform company, from a vendor to a strategic partner to both merchants and ecosystem players, and from a checkout option to an increasingly more central way for consumers to manage and move their money.”
