PayPal Holdings, Inc., the American multinational fintech company just released its earnings report today for the first quarter of FY24.
The company’s Q1 net revenues increased 9% to $7.7 billion. Transaction margin dollars increased by 4% to $3.5 billion.
According to an announcement made by the company on February 7, 2024, PayPal’s non-GAAP results are based on a new methodology that includes the impact of stock-based compensation (SBC) expense and related employer payroll taxes.
GAAP operating income for the first quarter increased by 17% to $1.2 billion, and non-GAAP operating income increased by 15% to $1.4 billion.
In the first three months of FY24, GAAP EPS increased by 18% to $0.831, and non-GAAP EPS increased by 27% to $1.08.
Alex Chriss, President and CEO of PayPal Holdings, Inc. says,
“We delivered a solid set of results in Q1 and I’m encouraged by the progress the team is making against PayPal’s go-forward strategy and in strengthening our foundation. 2024 remains a transition year and we are focused on execution – driving our key strategic initiatives, realizing cost savings, and reinvesting appropriately to position the company for consistent, high-quality profitable growth in the future.”
The company’s stocks are valued at $66.99 today, reacting positively to its earnings report.
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