Shares of financial technology (fintech) company PayPal Holdings (NASDAQ: PYPL) popped on Tuesday after the company reported financial results for its second quarter of 2024. PayPal stock has been stuck in neutral for a long time, but it's finally gaining some ground this morning, having risen almost 10% as of 9:45 a.m. ET.

In Q2, PayPal grew its net revenues by 8% to $7.9 billion. That is a deceleration from its 9% growth in the first quarter, but it was much better than the 6.5% growth that management had expected.

Better-than-expected topline results are motivating PayPal's management to repurchase more shares than previously planned. Over the past year, the company has repurchased about $5 billion of its shares, including $1.5 billion in Q2 alone, which has brought its share count down by about 6%.

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Source Fool.com