Payments giant PayPal has reported a net income of $323m for the third quarter of 2016, an increase of 7% compared to $301m a year ago.
The company also reported an 18% year-on-year increase in net revenue to $2.7bn during the period ended 30 September 2016.
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In the third quarter, PayPal processed $87.4bn in total payment volume (TPV), an increase of 25%. It processed $26bn in mobile payment volume, up 56%, representing 29% of TPV.
Venmo, the company's social payments platform, processed $4.9bn of TPV, up 131% year-on-year.
During the period, PayPal's active customer base grew by 11% to 192 million accounts.
PayPal president and CEO Dan Schulman said: "We are pleased to have delivered another quarter of strong results. The opportunities for PayPal to grow and gain share have never been greater. We are executing against our strategic plan with intensity and speed, and we are committed to seizing the opportunities in front of us by truly embracing the mantle of ‘Customer Champion.’
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By GlobalData“We are further expanding the ubiquity and value of the PayPal brand and moving deliberately towards achieving our vision of becoming an everyday, essential financial service for people around the world."
