PayPal Shares Up 2% After Company Tops Views, Raises Guidance

Shares of PayPal Inc. rose 2% late Wednesday after the mobile payment company reported second-quarter earnings above expectations and raised its full-year guidance. PayPal said it earned $411 million, or 34 cents a share, in the quarter, compared with $323 million, or 27 cents a share, in the year-ago period. Adjusted for one-time items, the company earned 46 cents, compared with 36 cents a year ago. Revenue hit $3.14 billion, from $2.65 billion a year ago. Analysts polled by FactSet had expected adjusted per-share earnings of 43 cents on sales of $3.09 billion. Transactions were up 23%, the company said. PayPal expects its revenue to grow between $12.78 billion to $12.88 billion in 2017, with GAAP per-share earnings in a range of $1.32 and $1.36. Full-year adjusted earnings were seen between $1.80 a share and $1.84 a share. The analysts surveyed by FactSet had forecast 2017 sales at $12.7 billion and per-share adjusted earnings of $1.79. Shares ended the regular trading session up 0.9%.