=PayPal (PYPL) reported earnings on Wed 24 July 2019 (a/h)

PayPal beats by $0.03, reports revs in-line; guides Q3 EPS above consensus, revs below consensus; guides FY19 EPS above consensus, revs below consensus; TPV, Merchant Service, P2P accelerates from Q1; Venmo decelerates to 70% yr/yr from 73% in Q1

Reports Q2 (Jun) earnings of $0.86 per share, excluding non-recurring items, $0.03 better thanthe S&P Capital IQ Consensus of $0.83; revenues rose 11.7% year/year to $4.31 bln vs the $4.33 bln S&P Capital IQ Consensus.

• 9.0 million net new active accounts, bringing total active accounts to 286 million accounts, up 17% (Q1 +15%)
• 3.0 billion payment transactions, up 28% (Q2 +28%)
• $172 billion in total payment volume (TPV), up 24%, or 26% on an FX-neutral basis (Q1 +22% and +25%, respectively)
• 39.0 payment transactions per active account on a trailing twelve months basis, up 9% (Q1 +9%)
• Merchant Services volume grew 30% on an FX-neutral basis (Q1 +29%)
• eBay Marketplaces volume declined 4% on an FX-neutral basis versus growth of 6% in Q2-18, and represented 9% of TPV for the quarter versus 12% a year ago (Q1 declined 4%)
• Person-to-Person (P2P) volume grew 40% to $46 billion, and represented 27% of TPV (Q1 +26%)
• Venmo processed $24 billion of TPV in the second quarter, growing 70% (Q1 +73%)

Co issues mixed guidancefor Q3, sees EPS of $0.69-0.71, excluding non-recurring items, vs. $0.69 S&P Capital IQ Consensus; sees Q3 revs of $4330-4380 mln vs. $4.45 bln S&P Capital IQ Consensus.

Co issues mixed guidancefor FY19, sees EPS of $3.12-3.17, excluding non-recurring items, vs. $3.12 S&P Capital IQ Consensus; sees FY19 revs of $17.6-17.8 bln vs. $17.98 bln S&P Capital IQ Consensus.