Bulletins

PayPal misses on revenue, growth fueled by Venmo

PayPal generated $311 billion in total payment volume in the second quarter, up 36% year-over-year.

PayPal logo

Venmo processed $58 billion of PayPal's total payment volume.

PayPal

PayPal's second-quarter revenue came in below analysts' estimates, causing shares to fall after hours.

Revenue for the quarter climbed to $6.24 billion, but missed analysts' expectations of $6.27 billion. One challenge — long expected — was PayPal's split from eBay, with eBay volume declining 43%.

Still, PayPal generated $311 billion in total payment volume in the second quarter, up 36% year-over-year, fueled by growth in its Venmo app.

Venmo processed $58 billion of PayPal's total payment volume, up 58% year-over-year. In the first quarter of this year, Venmo generated $51 billion in total payment volume, growing 63% year-over-year. While Venmo has been smaller than rival Square's Cash App, it has been growing quickly.

Tomio Geron

Tomio Geron ( @tomiogeron) is a San Francisco-based reporter covering fintech. He was previously a reporter and editor at The Wall Street Journal, covering venture capital and startups. He was also as a staff writer at Forbes covering social media and venture capital, and edited the Midas List of top tech investors. He can be reached at tgeron@protocol.com or tgeron@protonmail.com.

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