PayPal has posted a net income of $823m for the second quarter of 2019, a 56% surge compared to $526m in the previous year.
In the first quarter of 2019, the firm’s net income was $667m.
For the three-month period to 30 June 2019, PayPal’s net revenues were $4.3bn as against $3.85bn a year ago.
The firm processed $172bn in total payment volume (TPV) during the quarter. This marks an increase of 24%, or 26% on an FX-neutral basis.
PayPal Q2 2019 results: the highlights
Person-to-Person (P2P) volume surged 40% to $46bn, accounting for 27% of TPV.
Venmo, the mobile payments service owned by PayPal, processed $24bn of TPV in the second quarter.
PayPal added nine million net new active accounts during the quarter, bringing total active accounts to 286 million accounts. This is an increase of up 17%.
Moreover, the company carried out three billion payment transactions, a surge of 28%.
PayPal president and CEO Dan Schulman said: “PayPal delivered another solid quarter, and consequently we are raising EPS guidance for the year. Net new active accounts increased by a record 41 million over the last 12 months, and engagement per active account once again increased by 9% to 39 times a year.
“Venmo’s momentum continues, with 70% growth in total payment volume to $24bn. Earlier this month, Xoom expanded to 32 new send markets throughout Europe.”