PayPal disclosed more than 52 million active Venmo accounts as of last quarter, up from 40 million nine months ago.
PayPal Holdings Inc. topped expectations Wednesday with its holiday-quarter results, but the company’s forecast for the current period came up short.
Total payment volume increased 22% to $199 billion, but the rate of growth decelerated from 25% in the third quarter, something executives attributed to the lapping of PayPal’s iZettle acquisition in 2018. Volume growth has also been impacted by challenges at eBay, but management argued that PayPal’s increasingly diversified business is reducing the company’s dependance on eBay revenue.
“We think the updated guidance reflects good, consistent secular growth and may allay some fears tied to the eBay migration, although we acknowledge that the stock momentum into the quarter may suggest some were expecting upside to guidance,” Jefferies analyst John Hecht said in a note.
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