Payments giant PayPal has posted a net income of $365m for the first quarter of 2016, a surge of 43% compared to $255m a year ago.
For the first quarter ended 31 March 2016, the company posted reported net revenue of $2.54bn, an increase of 19% from sales of $2.14bn in the corresponding quarter of 2015.
Go deeper with GlobalData
In the first quarter, PayPal processed $81.06bn in total payment volume (TPV), a surge of 29% from the same period last year.
The company processed $21bn in mobile payment volume, up 54%, representing 26% of TPV for the quarter. The company’s social payments platform Venmo processed $3.2 billion of TPV, up 154% year-over-year.
The company grew its active account base by 4.5 million in the first quarter, ending the quarter with 184 million active customer accounts.
PayPal president and CEO Dan Schulman said: "Our first quarter results continue to demonstrate the power of our global payments platform to attract and engage consumers, increasing our global scale and in turn attracting new merchants and partners to PayPal.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData"Our focus on payments and ability to innovate for merchants and consumers continues to differentiate PayPal and drive our growth in a dynamic and competitive environment."
