After first announcing a split from eBay more than a year ago, PayPal today reported quarterly earnings for the first time as an independent company.
The company reported adjusted earnings of $0.31 per share on revenues of $2.26 billion which beat average earnings estimates of $0.29 cents per share but slightly missed revenue estimates of $2.27 billion.
The mixed report caused shares to drop after hours to $34.51, down five percent on the stock’s closing price of $36.52.
New active accounts, a metric that was previously shared when the company was still under eBay, is now at 173 million total active accounts, compared to 157 million active accounts for the year-ago quarter.
Total transactions were 1.22 billion, compared to 1.1 billion last quarter. Additionally, PayPal noted that they saw an average of 27 transactions per year per active account, which is up from 24 for the same period last year.
Interestingly, the company said that $2.1 billion of transaction volume was processed via Venmo, represents 200% growth over last year.
Investors were originally bullish about the two companies splitting, pushing PayPal’s share price up 8 percent on the first day of trading. This enthusiasm has since cooled, with today’s aftermarket stock price down about 15 percent from its high in July.
Today’s mixed earnings and subsequent drop in share price shows that the company still needs to work hard to impress investors, who have generally been bullish since the split.
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