PayPal Earnings Report Q!1 2022

PayPal Reports Q1 2022 Earnings of $6.5 Billion With Better Than Expected Revenue Growth

PayPal announced first-quarter 2022 net revenue of $6.5 billion, a 7% increase over the first quarter of 2021, 8% on an FX-Natural basis (FXN).

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Revenue excluding eBay grew 15% on a spot basis, on top of 38% growth in the first quarter of 2021.
Total Payment Volume (TPV) reached $323 billion, growing 13% and 15% on FXN. TPV, excluding eBay, grew 17% and 19% FXN, representing now more than 97% of all transactions.

Venmo also continues to grow as the company processed $57.8 billion in TPV on that platform, growing 12%.

GAAP EPS of $0.43 compared to $0.92 in Q1 2021, and non-GAAP EPS of $0.88 compared to
$1.22 in Q1 2021.

PayPal gained 2.4 million Net New Active Accounts (NNAs) added in the first quarter of 2021.

“I’m pleased our first-quarter results exceeded our guidance on revenue and earnings, and we continue to grow faster than the rate of ecommerce. We have much to be proud of but we know we can continue to do even better. We are fortunate to have the opportunity to shape the future of the digital economy by transforming financial services and commerce.”

Dan Schulman, President and CEO, PayPal

PayPal processed over 5.2 billion transactions in Q1 2021, which was up 18%. On a 12-month trailing basis, the average active account had 47 payment transactions, which was an increase of 11%.

PayPal Strategic Initiatives and Business Updates

  • Expanded access to PayPal services for the Ukrainian people and enabled global giving campaigns to support relief efforts, raising approximately $500 million so far.
  • Renewed and expanded global strategic partnerships with American Express and Citibank to continue giving customers choice in how they pay.
  • Introduced savings as the latest new feature in the revamped PayPal digital wallet, offering US customers more ways to save and manage their money.
  • Launched new Pay Later offerings in Japan and Germany and continued to expand relationships with leading global merchants.
  • Enabled complimentary access to Happy Returns for merchants using PayPal Checkout and expanded Return Bar locations across more than 1,300 Ulta Beauty locations across the US, bringing the number of Return Bars to more than 5,000.
  • Launched Give at Checkout in Portugal and the Netherlands, and expanded our Generosity Network into Italy and Spain.

PayPal 2022 Outlook

  • TPV is expected to grow ~13%-15% on a spot basis and ~15%-17% FXN with TPV surpassing $1.4 trillion.
  • Net revenues are expected to grow ~11% – 13% on a spot and FXN basis.
  • Revenue excluding eBay is expected to grow ~15% – 17% on a spot basis.
  • GAAP earnings per diluted share are expected to be in the range of ~$2.19 – $2.34, compared to $3.52 in FY’21, and non-GAAP earnings per diluted share are expected to be in the range of ~$3.81 – $3.93, compared to $4.60 in FY’21.

For full details on the PayPal first-quarter earnings report, please visit the PayPal investor relations site here.

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