PayPal Holdings Inc. said on Tuesday that its net revenues in the fourth quarter of fiscal 2024 stood at $8.4 billion, marking a 4% increase from the same quarter a year earlier and coming in slightly above estimates.
GAAP net income slid 20% to $1.1 billion, or $1.11 per diluted share, and operating income fell 17% to $1.4 billion. Total payment volume rose 7% to $437.8 billion in the final quarter of the year. For full fiscal 2024, the company's net revenues climbed 7% from 2023 to $31.8 billion, while GAAP diluted earnings per share increased 4% to $3.99.
"PayPal had a strong finish to a successful 2024 with results that were better than we expected," CEO Alex Chriss stated. "The improvements we made to branded checkout, peer-topeer, and Venmo, plus the progress we made on our price-to-value strategy, are beginning to show up in our results."
PayPal shares were down 4% in premarket trading following the release of the results.
