Payments giant PayPal has reported a net income of $390m for the fourth quarter (Q4) ended on 31 December 2016, an increase of 6% compared to $367m during the same period last fiscal.
The company also reported a 17% year-on-year increase in net revenue to $2.98bn during the reporting period.
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PayPal processed $99.34bn in total payment volume (TPV), an increase of 22%. It processed $31bn in mobile payment volume, up by 53%, representing 31% of TPV.
Venmo, the company's social payments platform, processed $5.6bn of TPV, up by 126%.
PayPal's active customer base grew by 11% to 197 million accounts, compared to the 179 million accounts during the same period last year.
PayPal president and CEO Dan Schulman said: “We extended our industry leadership by generating 18 million active customer accounts, with greater engagement than ever before. We innovated across our merchant and consumer value propositions and extended our lead in mobile payments.
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By GlobalData“In the past year, we transformed our market opportunity with a series of strategic partnerships with networks, financial institutions, technology companies, and mobile carriers.
“We accomplished all of this by putting our customers first, in everything we do. At the end of a landmark year for PayPal, we feel well positioned to deliver sustainable and profitable growth in 2017 and beyond."
