PayPal has reported a net income of $323m for the second quarter of 2016, an increase of 6% compared to $305m in the year ago period.
The company's net revenue for the quarter ended 30 June 2016 was $2.65bn, a rise of 15% compared to $2.29bn in the corresponding period of 2015.
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Operating margin for the second quarter of 2016 declined to 14% from 17.3% in the same quarter of last year.
The payments company, which was spun off from eBay last year, said it processed $86bn in total payment volume (TPV) during the quarter, with $24bn coming from mobile payments.
During the quarter, PayPal's active account base rose 188 million, a jump of 11%. It processed 1.4 billion payment transactions, which is equal to 29 transactions for each active account.
PayPal president and CEO Dan Schulman said: “We have a clear mission at PayPal. We want to democratize financial services and become an everyday, essential service for underserved consumers. We want to use our platform and services to enable merchants to fully capitalize on the move to mobile and digital commerce.
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By GlobalData“Our strong financial performance is one sign of the tangible and consistent progress we've made towards achieving these goals. Our agreement with Visa enhances our capabilities, offers the potential to establish new contexts for our consumers and merchants, and lays the foundation for additional partnerships.”
