PayPal reported second-quarter earnings that beat analyst estimates, adding hopes for investors that the payments giant was seeing a bounce-back from its previous quarter, when economic jitters wiped out the company's pandemic gains.
Perhaps more importantly for investors, PayPal also announced a $15 billion share buyback plan and confirmed activist investor Elliott Management had taken a stake in the company. Those appeared to be the largest factors boosting its share price in after-hours trading.
PayPal reported non-GAAP earnings per share of $0.93 per share, beating analyst expectations of $0.86 per share. That's still down from $1.15 in the year-ago period. PayPal reported revenue of $6.8 billion, meeting analyst estimates.
Total payment volume was $339.8 billion, up 9% from the year-ago period.
The company also announced Blake Jorgensen, formerly of Electronic Arts, as its new CFO effective Wednesday.
PayPal did slightly lower its full-year revenue guidance to 10% on a spot basis, and to 11% on a foreign exchange-neutral basis, the low end of prior guidance, after noting possible declines in the prior quarter.
PayPal shares were up more than 12% in after-hours trading.