PayPal's revenue in the second quarter was $7.3 billion, up 7% from a year earlier.

Thanks to CTOnews.com netizen South China Wu Yanzu for the clue delivery! Beijing time on August 3 morning news, payment service provider PayPal today announced the second quarter of 2023 earnings. PayPal reported net revenue of $7.3 billion in the second quarter, up 7% from $6.8 billion a year earlier. Net income was $1.029 billion, compared with a net loss of $341 million a year earlier. Non-GAAP net income was $1.289 billion, compared with $1.079 billion a year earlier.

Q2 FINANCIAL RESULTS: Net revenue was $7.3 billion, up 7% from $6.8 billion a year earlier. Excluding the impact of exchange rate changes, it increased by 8% year-on-year.

Operating profit was $1.1 billion, up 48% year-over-year. Non-GAAP operating income was $1.6 billion, up 20% from a year earlier.

Operating margin was 15.5%, up 423 basis points year-over-year. Non-GAAP operating margin was 21.4%, up 228 basis points year-over-year.

Net income was $1.029 billion, compared with a net loss of $341 million a year earlier.

Diluted earnings per share were $0.92 compared to diluted loss per share of $0.29 for the same period last year.

Non-GAAP net income was $1.289 billion, compared with $1.079 billion a year earlier.

Diluted earnings per share were $1.16, compared with $0.93 per diluted share for the year-ago period.

Operating results for the second quarter: PayPal's total payments (TPV) were $376.5 billion, up 11% year-over-year.

The transaction volume was 6.1 billion, up 10% year-on-year.

The number of payments per active account in the past 12 months was 54.7, up 12% year-over-year.

The total number of active accounts was 431 million, compared with 429 million a year earlier.

Balance Sheet and Liquidity: PayPal cash, cash equivalents and investments totaled $14.4 billion as of June 30, 2023.

As of June 30, 2023, PayPal's total debt was $10.5 billion.

In the second quarter, PayPal's operating cash flow was-200 million USD and free cash flow was-400 million USD.

During the second quarter, PayPal bought back approximately 22 million shares of common stock and returned $1.5 billion to shareholders.

Outlook: PayPal estimates, third quarter 2023:

Net revenue will reach approximately $7.4 billion, up approximately 8% year-over-year.

Diluted earnings per share will reach $0.85 to $0.87, compared to $1.15 per diluted share for the third quarter of 2022.

Non-GAAP diluted earnings per share would be $1.22 to $1.24, up 13% to 14% year-over-year, compared with $1.08 per diluted share for the third quarter of 2022.

Throughout 2023:

Diluted earnings per share will reach approximately $3.49, compared to diluted earnings per share of $2.09 in 2022.

Non-GAAP diluted earnings per share would have been approximately $4.95, up approximately 20% from $4.13 per diluted share in 2022.