PayPal sees record earnings, volume amid sustained e-commerce surge

PayPal sees record earnings, volume amid sustained e-commerce surge

This report has been updated to correct the data on transactions per active account and total transactions.

PayPal Holdings Inc. saw a record amount of volume flow through its platform in the first quarter as the e-commerce wave continued even amid the gradual reopening of the in-person economy.

Shares of PayPal

PYPL, -1.10%

were up 5% in after-hours trading Wednesday after the company topped expectations with its latest results and raised its full-year outlook.

The company generated first-quarter net income of $1.1 billion, or 92 cents a share, up from $84 million, or 7 cents a share, in the year-earlier quarter. After adjusting for stock-based compensation, gains on strategic investments, and other items, PayPal

PYPL, -1.10%

earned $1.22 a share, up from 66 cents a share a year prior and ahead of the FactSet consensus, which called for $1.01 a share. The adjusted-earnings figure is a new quarterly record for PayPal.

PayPal’s revenue for the quarter totaled $6.03 billion, up from $4.62 billion a year earlier. Analysts surveyed by FactSet had been projecting $5.91 billion.

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