PayPal Lifts Outlook and Stock Buybacks on Transactions

PayPal Holdings (PYPL) shares changeable higher Tuesday aft nan physics costs work posted better-than-anticipated results and boosted some its guidance and stock buybacks connected beardown transaction gains.

The institution reported second-quarter earnings per stock (EPS) of $1.08, pinch gross rising 8% year-over-year to $7.89 billion. Both exceeded statement estimates of analysts polled by Visible Alpha.

Transaction gross accrued 9% to $7.15 billion, besides much than forecasts, and transaction separator dollars were up 8% to $3.61 billion, which nan institution said was nan champion maturation since 2021.

PayPal CEO Touts 'Strength of Our Business' Amid Guidance Raise

Chief Executive Officer (CEO) Alex Chriss said, “Given nan spot of our business, we are raising our 2024 guidance and expanding stock repurchases.” PayPal now sees full-year adjusted EPS increasing by a low- to mid-teens percentage, up from to its earlier outlook of a mid- to high-single-digit percentage. The institution is lifting its stock repurchase guidance to $6 cardinal from astatine slightest $5 billion.

The news sent shares of PayPal Holdings up 7.6% to $63.41 arsenic of 10:25 a.m. ET Tuesday, moving into affirmative territory for nan year.