Payment solutions firm PayPal Holdings Inc. (NASDAQ: PYPL) announced financial results for the first quarter of 2023, reporting higher earnings and revenues.
First-quarter revenues rose 9% year-over-year to $7.04 billion amid strong growth in payment volumes. The company reported an operating cash flow of $1.2 billion and a free cash flow of $1.0 billion
Adjusted earnings were $1.17 per share in the three-month period, compared to $0.88 per share in the corresponding period of last year. On a reported basis, net profit was $795 million or $0.70 per share, compared to $509 million or $0.43 per share last year.
“We are confident in our momentum and are raising our full-year EPS guidance as a result,” said PayPal’s CEO Dan Schulman.