PayPal has released its financial report for the quarter ending in September, showing a 15% increase in total payment volume compared to the same quarter last year, reaching $387.7 billion. This translates to a revenue of $7.4 billion for PayPal, representing an 8% increase. The company’s net profit, as per GAAP accounting standards, stands at $1.02 billion.
The number of transactions on PayPal has also seen a significant rise, increasing by 11% to 6.3 billion. Looking back over the past 12 months, there has been an average of 56.6 transactions per active account. Currently, there are 428 million active accounts, a slight decline from the previous year’s 432 million.
Alex Chriss, who recently assumed the role of CEO at PayPal at the end of September, emphasizes the company’s commitment to improving efficiency to drive innovation and achieve goals at a faster pace. He sees significant opportunities for further growth.
In addition, PayPal has announced the appointment of Jamie Miller as its new CFO, effective from November 6, 2023. Prior to this role, Miller served as CFO at EY and Cargill.
TLDR: PayPal’s Q3 report demonstrates a 15% increase in total payment volume, reaching $387.7 billion, with a revenue increase of 8% ($7.4 billion). The number of transactions on PayPal has risen by 11% to 6.3 billion, with an average of 56.6 transactions per active account. Alex Chriss, the new CEO, aims to enhance operational efficiency and drive innovation. Jamie Miller has been appointed as the new CFO.