PYPL Update
Doing what they said, raising estimates for the year.
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PayPal reported earnings that beat my expectations. While Venmo had a 1-time benefit this quarter that I didn’t see many details on, core Venmo revenue grew 20% y/y.
I’m impressed that PYPL has navigated many of the unbranded / braintree challenges and is now returning to growth.
Finally, PYPL raised GAAP EPS guide to $4.98 v $4.92 and non-GAAP to $5.23 v $5.03.
Disclosure: long PYPL.
