Strong mobile engagement on PayPal’s platform contributed to approximately $57 billion in mobile payment volume, up about 45%. Venmo, the company’s social payments platform, processed approximately $17 billion of TPV in the third quarter, growing 78%.
Related: PayPal Q3 2018 earnings transcript
Looking ahead, PayPal expects 2018 revenue to grow 18-19% at current spot rates and 17-18% on an FX-neutral basis, to a range of $15.42-15.50 billion. GAAP EPS is targeted to be in the range of $1.65-1.69 and non-GAAP EPS is forecasted to be in the range of $2.38-2.40.
For the final quarter of 2018, PayPal expects revenue to grow 13-15% at current spot rates and 13-15% on an FX-neutral basis, to a range of $4.195-4.275 billion. GAAP EPS is pegged to be $0.43-0.47 and non-GAAP EPS is expected to be $0.65-0.67.
In the recently ended quarter, PayPal completed the $2.2 billion-valued acquisition of iZettle, a provider of small business tools and payments. Last week, PayPal announced a partnership with Walmart (WMT) to offer PayPal cash in and cash out money services at Walmart retail stores.
Related: American Express posts upbeat Q3 results
PayPal and American Express (AXP), today announced an expanded strategic partnership that will improve the digital payments experience for U.S. American Express Card Members paying with PayPal and Venmo. Both the companies will work together to implement the features of the partnership over the course of 2019.
PayPal stock reached its yearly peak in early September while increasing 5% so far this year and yielding a positive return of 15% in the past 52-week period. Shares of PayPal closed today’s trading session down 3.26% at $77.48.
Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!