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.
Commenting 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.”
