PayPal Q1 earnings: net revenues rise 9% as focus on cost saving, reinvesting grows

PayPal Holdings, Inc., the American multinational fintech company just released its earnings report today for the first quarter of FY24.

The company’s Q1 net revenues increased 9% to $7.7 billion. Transaction margin dollars increased by 4% to $3.5 billion.

According to an announcement made by the company on February 7, 2024, PayPal’s non-GAAP results are based on a new methodology that includes the impact of stock-based compensation (SBC) expense and related employer payroll taxes.

GAAP operating income for the first quarter increased by 17% to $1.2 billion, and non-GAAP operating income increased by 15% to $1.4 billion.

In the first three months of FY24, GAAP EPS increased by 18% to $0.831, and non-GAAP EPS increased by 27% to $1.08.

Alex Chriss, President and CEO of PayPal Holdings, Inc. says,

“We delivered a solid set of results in Q1 and I’m encouraged by the progress the team is making against PayPal’s go-forward strategy and in strengthening our foundation. 2024 remains a transition year and we are focused on execution – driving our key strategic initiatives, realizing cost savings, and reinvesting appropriately to position the company for consistent, high-quality profitable growth in the future.”

The company’s stocks are valued at $66.99 today, reacting positively to its earnings report.

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