(AOF) – Paypal (+2.87% to $68.91) is progressing on Wall Street thanks to robust results in the first quarter of 2024. “2024 remains a year of transition and we are focused on execution – leading our key strategic initiatives, achieving cost savings and reinvesting appropriately to position the business for consistent, high-quality profitable growth in the future,” commented CEO Alex Chriss. Revenue rose 9% to $7.7 billion, beating expectations: $7.51 billion.
In this first quarter, the American online payment service company posted a net profit of $888 million, or 83 cents per share compared to respectively $795 million and 70 cents a year ago in the same period. It increased by 12%.
Excluding exceptional items, earnings per share for the first three months of 2024 came to $1.08, 13 cents better than expectations and compared to $0.85 in the first quarter of 2023, a jump of 27%. However, it was evaluated using a new methodology.
Operating profit jumped 17% to $1.2 billion in the quarter.
The volume of payments that passed through its platforms increased by 14% to $403.9 billion. Its growth also amounted to 14% at constant exchange rates.
Payment transactions increased by 11% to 6.5 billion.
This better-than-expected performance is accompanied by the raising of 2024 objectives. The online payment specialist is targeting adjusted earnings per share growth of 5% to 10% compared to stable previously.
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