PayPal ended the third quarter on a high as the company reported net revenue of $6.18 billion and strong user growth with 13.3 million new users.
A closer look at third-quarter earnings showed PayPal processed a total of $310 billion in payment volumes, indicating TPV growth of 26% year-on-year.
Its social payments platform Venmo processed about $60 billion in TPV, a 36% jump from year over year.
Commenting on the company’s excellent third quarter, PayPal CEO Dan Schulman said, “Our third-quarter results show solid growth on top of a record year. The strength of PayPal’s two-sided platform and ubiquity in our core markets has set us up to grow at scale, expand our work with existing merchants and attract new partners. We’re thrilled that we are teaming up with Amazon to enable customers in the U.S. to pay with Venmo at checkout.”
Looking ahead, PayPal forecasts fourth-quarter revenue of between $6.85 billion and $6.95 billion. In addition, the company expects TPV growth of 34% in 2021 and a net new active account of around 55 million.
For fiscal revenue, the company expects tax revenues to be between $25.3 billion and $25.4 billion in 2021.