PayPal growing faster than expected

Payments giant PayPal is growing faster than what analysts were expecting, according to the latest numbers.

For the second quarter of 2017, PayPal brought in $3.14 billion in revenue, when analysts were expecting $3.09 billion. This is up 18.3 percent from last year.

Adjusting earnings per share (excluding one-time expenses) also beat Wall Street’s predictions, at 46 cents, instead of 43 cents.

Shares were up more than 1 percent in initial after-hours trading. They closed Wednesday at $58.79.

The company also raised earnings guidance for the year, meaning the company is telling investors that it is on track to exceed its goals. They are expecting between $12.775 and $12.875 billion in revenue for the year.

Mobile payment volume increased 50 percent in the quarter, coming in at $36 billion.

It has been two years since PayPal separated from eBay. Its shares are up about 50 percent since then.

Featured Image: PayPal