PayPal Holdings, one of the largest online payment platforms in the world, yesterday announced its financial results for Q1 of 2021. The company reported a total payment volume (TPV) of $285 billion in the first three months of 2021.
According to the official results, PayPal saw the strongest quarterly performance in the company’s history in Q1 of 2021 with total revenue of $6.03 billion. In addition, the US-based firm reported GAAP EPS of $0.92 for the first quarter of 2021.
PayPal’s total number of active accounts reached a record high of 392 million by the end of the first quarter as the company added approximately 14.5 million Net New Active Accounts (NNAs) in Q1 of 2021.
Commenting on the latest financial results, Dan Schulman, President and CEO of PayPal Holdings, said: “Our strong first-quarter results demonstrate sustained momentum in our business as the world shifts into the digital economy. Our addressable market continues to grow as we launch new products and services for our 392 million active accounts.”
PayPal reported GAAP operating income of $1.04 billion in Q1 of 2021, which is a jump of 162% compared to the same period in 2020.
PayPal’s Q2 Guidance
For the second quarter of 2021, the company is expecting a growth of 19% in revenue. PayPal is expecting the total revenue to reach $6.25 billion in Q2 of 2021.
“PayPal expects GAAP earnings per diluted share to be $0.76, compared to $1.29 in the prior-year period, and for non-GAAP earnings per diluted share to grow 5%, to $1.12,” the company mentioned in the official press release. Furthermore, PayPal is expecting significant growth in net new active accounts from the second quarter of this year.
“Our record-breaking first quarter results underscore the ongoing strength, diversification and relevance of our scaled, two-sided, global payments platform. We are raising our FY’21 guidance based on these strong results.” John Rainey, CFO and EVP Global Customer Operations at PayPal, added in the announcement.
PayPal CEO recently highlighted a significant surge in demand for cryptocurrency assets.