PayPal said net revenues for the quarter ended March 31, 2024 rose $659 million (9%) from the prior-year period, driven mainly by 14% growth in total payment volume (TPV). Operating income increased $169 million (17%), and operating margin was 15% and 14% in the respective periods.

10-QQuarterly reportFiled Apr 30, 2024Period of report Mar 31, 2024Summary published (UTC) Oct 24, 2026

Key points

AI summary

PayPal said net revenues for the quarter ended March 31, 2024 rose $659 million (9%) from the prior-year period, driven mainly by 14% growth in total payment volume (TPV). Operating income increased $169 million (17%), and operating margin was 15% and 14% in the respective periods.
The company said it began a global workforce reduction in Q1 2024, and restructuring charges for that quarter were $175 million. It said it expects additional employee severance and benefits costs of approximately $70 million to $90 million, and estimates the annual reduction in employee-related costs at approximately $560 million, including approximately $135 million of stock-based compensation.
Net cash provided by operating activities was $1.9 billion for the quarter ended March 31, 2024, the company said, driven mainly by operating income of $1.2 billion and non-cash adjustments including stock-based compensation of $365 million. Net cash provided by operating activities was $1.2 billion in the prior-year period.
PayPal said it repurchased approximately $1.5 billion of its common stock on the open market during the quarter ended March 31, 2024 under a share repurchase program authorized in June 2022. As of March 31, 2024, approximately $9.4 billion remained available for repurchases under the program.

Key figures

Quarter ended March 31, 2024

Revenue: $7.7B
Operating income: $1.2B
Net income: $888M
EPS: $0.83
Operating cash flow: $1.9B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Net revenues up 9% in quarter, TPV up 14%

PayPal said net revenues for the quarter ended March 31, 2024 rose $659 million (9%) from the prior-year period, driven mainly by 14% growth in total payment volume (TPV). Operating income increased $169 million (17%), and operating margin was 15% and 14% in the respective periods.

Source · Based on the MD&A text of the filing

Restructuring costs and outlook for additional charges

The company said it began a global workforce reduction in Q1 2024, and restructuring charges for that quarter were $175 million. It said it expects additional employee severance and benefits costs of approximately $70 million to $90 million, and estimates the annual reduction in employee-related costs at approximately $560 million, including approximately $135 million of stock-based compensation.

Source · Based on the MD&A text of the filing

Operating cash flow $1.9 billion

Net cash provided by operating activities was $1.9 billion for the quarter ended March 31, 2024, the company said, driven mainly by operating income of $1.2 billion and non-cash adjustments including stock-based compensation of $365 million. Net cash provided by operating activities was $1.2 billion in the prior-year period.

Source · Based on the MD&A text of the filing

Share repurchases $1.5 billion, remaining authorization

PayPal said it repurchased approximately $1.5 billion of its common stock on the open market during the quarter ended March 31, 2024 under a share repurchase program authorized in June 2022. As of March 31, 2024, approximately $9.4 billion remained available for repurchases under the program.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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