Payments company PayPal released its Q2 earnings report on Tuesday, showing an increase in key financial metrics, reflecting stable growth of single-digit or low double-digit percentages on a year-on-year basis.
Net revenues increased by 5% to $8.3 billion. GAAP estimates were revised slightly downwards from un-audited figures, with an operating income of $1.5 billion, an operating margin of 18.1%, and an EPS of $1.29.
While revenue, net income, and operating income all improved for the quarter, cash flow metrics were down by the following percentages: Net cash provided by operating activities decreased by 41% and free cash flow was down by 49%.
“PayPal had a strong second quarter. We delivered another quarter of profitable growth, driven by continued strength across many of our strategic initiatives ranging from PayPal and Venmo-branded experiences to PSP and value-added services,” said PayPal President and CEO Alex Chriss.
The Q2 results were announced on X as well by the company’s official handle.
“We reported second quarter results today, delivering strong performance with our sixth consecutive quarter of profitable growth. Based on our momentum, we are raising our full-year transaction margin dollar and EPS guidance,” read the X post.
PayPal’s ‘Pay with Crypto’ feature
The earnings update comes just a day after it announced a new ‘Pay with Crypto’ feature, allowing for crypto-to-fiat conversions and vice versa, expanding revenue opportunities for merchants.
Source: Google Finance