Amercian e-commerce firm, Paypal, has posted its first-quarter earnings for 2021, described as a “record-breaking first quarter” by the company’s Chief Financial Officer (CFO), John Rainey.
The payment platform disclosed, in its financial statement, that its total cash flow from operations totalled $1.76 billion, representing a 24 percent growth while its free cash flow totalled $1.54 billion, representing a growth of 27 percent.
It also stated that its total number of active users grew to 392 million after added 14.5 million new users, representing a growth of 21 percent.
Users of the platform made 4.4 billion payment transactions which represents a growth of 34 percent; breaking down the figure further to 42.2 payment transactions made per active user on a twelve-month basis, representing a 7 percent increase.
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PayPal’s Strength, Other Results
Speaking on the company’s results, the CFO, Rainey, said, “Our record-breaking first quarter results underscore the ongoing strength, diversification, and relevance of our scaled, two-sided, global payments platform. We are raising our FY’21 guidance based on these strong results.”
The company’s revenue grew by 31 percent to $6.03 billion, while its operating income rose to $1.04 billion, representing an increase of 162 percent year-on-year change.
Paypal’s President and Chief Executive Officer (CEO), Dan Schulman, said that the company’s impressive growth was bolstered by the global shift into a digital economy.
Schulman said, “Our strong first-quarter results demonstrate sustained momentum in our business as the world shifts into the digital economy. Our addressable market continues to grow as we launch new products and services for our 392 million active accounts.”
On its expansion into new payment terrains, the firm noted that it adopted cryptocurrency payments for US customers, as this will aid the funding of commerce.
