PayPal has reported its second quarter performance for 2024, showing a total revenue increase of 8% from the same period the previous year, amounting to $7.885 billion. The net profit according to GAAP accounting stands at $1.128 billion.
The total volume of payments on the platform has increased by 11% to $416.814 billion from 6.58 billion transactions, with 29 million active accounts in the past year, slightly up from the previous quarter.
CEO of PayPal, Alex Chriss, addressed questions during the earnings call regarding competition with Apple Pay, stating that web and desktop usage accounts for 40-50% of all transactions, and the company has not seen a decline in market share over the past four years.
Source: Reuters and PayPal (pdf)
TLDR: PayPal’s Q2 2024 results show an 8% revenue increase, with a net profit of $1.128 billion. Transaction volume rose by 11%, and CEO Alex Chriss discussed competition with Apple Pay during the earnings call.
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