Payment processor PayPal has reported a net income of $367m for the fourth quarter of 2015, up 28% compared to $286m in the year ago period.
The company’s net revenue for the quarter ended 31 December 2015 was $2.5bn, an increase of 17% compared to $2.19bn in the corresponding period of 2014.
The acquisition of Xoom has added 1 point to revenue growth in the fourth quarter and 1.6 million active customer accounts to the PayPal platform.
PayPal’s total payment volume (TPV) during the quarter rose by 23% to $81.52bn, compared to $66bn a year ago, representing FX-neutral growth of 29%.
The group processed $20bn in mobile payment volume, up 45%, representing 25% of TPV for the quarter.
For the fourth quarter of 2015, PayPal’s active account base rose by 6.6m and it ended the year with 179m active customer accounts.
The company revealed that it processed 1.4 billion payment transactions, which translates to 27 payment transactions per active account, an increase from 25 transactions per active account compared to the same period a year ago.
PayPal’s social payments app Venmo processed $2.5bn of TPV in the fourth quarter.
PayPal CFO John Rainey said: "We have proven our ability to generate cash, and this share repurchase authorization demonstrates our confidence in our strategic plan and long-term growth."
PayPal president and CEO Dan Schulman said: "Our strong results reflect PayPal’s progress in delivering on our strategy to drive the digital payments revolution. In the face of a slow global economy and foreign exchange headwinds, PayPal exceeded its full year revenue, earnings, and free cash flow commitments to shareholders."