PayPal has reported a net income of $511m for the first quarter of 2018, a surge of 33% compared to $384m in the year ago period.
The company’s net revenue for the quarter ended 31 March 2018 was $3.68bn, an increase of 24% from $2.97bn in the corresponding period of 2017.
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Operating margin for the first quarter of 2018 remained stable at 14.5%.
The payments company said it processed $132bn in total payment volume (TPV) during the quarter, with around $49bn coming from mobile payments.
Venmo, the company’s social payments platform, processed over $12bn of TPV, up 80% from last year.
The company’s person-to-person (P2P) payments volume surged 50% to $30bn, representing nearly 23% of TPV.
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By GlobalDataPayPal finished the quarter with 8.1 million active customer accounts.
PayPal president and CEO Dan Schulman said: “After a strong 2017, we entered 2018 with continued momentum. Our partner relationships in the U.S. and across the globe continue to grow and flourish. As the digital economy gathers speed, we are excited to provide new and innovative capabilities to better serve our consumer and merchant customers.”
