Here's How Much PayPal Is Relying on Venmo
Digital payments and financial technologist PayPal Holdings (NASDAQ: PYPL) continues to fire on all cylinders. Revenue rose 29% year over year to $6.03 billion in the first quarter, while free cash flow increased 27% to $1.22 billion. Mobile digital wallets are quickly becoming a staple for consumers around the world, and PayPal's Venmo subsidiary is an important part of its growth trajectory. But just how much is it relying on Venmo? Less than one might think, illustrating just how massive an opportunity still lies ahead for PayPal.
PayPal reported 392 million active accounts at the end of March (including 14.5 million net new active account additions in the first three months of the year), facilitating global total payment volume (TPV) of $285 billion. Excluding currency exchange rate fluctuations, TPV was up 46% compared to the same period a year ago.
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Source Fool.com
