PayPal (NASDAQ: PYPL) is a leading company in the world of digital payments with 435 million active accounts on its platform. Last year, it processed an incredible $1.36 trillion of payment volume. But this is a business that's going to be tied with the health and overall growth of not just the U.S. economy, but countries all around the world. And with inflation and economic concerns weighing on investors over the past year, it's not surprising that this hasn't been a hot stock to own -- it's down 39% in the past 12 months.

Despite the bearish outlook, however, this is still a solid, profitable business. Below, I'll look at how PayPal has been performing as of late, how it may do in the future, and whether or not it's a good growth stock for investors to consider at its current valuation.

In the company's most recent earnings report, for the period ending June 30, PayPal's net revenue of $7.3 billion was up 7% year over year. But that's at a much slower rate than in previous quarters:

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Source Fool.com