PayPal impressed Wall Street when it reported fourth-quarter earnings after the bell on Wednesday. The global payments giant beat analyst expectations for both sales and profit.
PayPal reported $3.71 billion in revenue on a foreign-exchange neutral basis, or 24% growth from the same period last year. Analysts were expecting $3.63 billion in revenue for the quarter.
Adjusted earnings per share were 55 cents, compared to the 52 cents that Wall Street forecast.
The company processed $131 in total payments volume for the fourth quarter, showcasing 32% growth.
PayPal separated from eBay in 2015 and is currently the larger of the two companies, with a market cap of $103 billion. eBay is valued at $42 billion.
The two companies agreed to extend their partnership through July 2023, making PayPal the default payment option for eBay.