PayPal reported strong financial results for Q2 2024, with net revenues increasing 8% to $7.9 billion driven by 11% growth in total payment volume (TPV) to $417 billion. Operating income rose 17% to $1.3 billion, while net income grew 10% to $1.1 billion or $1.08 per diluted share. The company's operating margin improved to 17% from 16% in the prior year period.Transaction revenues grew 9% to $7.2 billion, reflecting continued momentum in Braintree products and services as well as growth in core PayPal and Venmo offerings. The company processed 6.6 billion payment transactions, up 8% year-over-year, while maintaining 429 million active accounts. Transaction expense rate was 0.95% of TPV, slightly higher than 0.94% last year.During the quarter, PayPal repurchased approximately 23.6 million shares for $1.5 billion and issued $1.3 billion in new fixed-rate notes. The company also implemented cost reduction initiatives, including a global workforce restructuring expected to generate approximately $565 million in annualized employee-related cost savings, though a portion will be reinvested in business priorities.

PayPal reported strong financial results for Q2 2024, with net revenues increasing 8% to $7.9 billion driven by 11% growth in total payment volume (TPV) to $417 billion. Operating income rose 17% to $1.3 billion, while net income grew 10% to $1.1 billion or $1.08 per diluted share. The company's operating margin improved to 17% from 16% in the prior year period.Transaction revenues grew 9% to $7.2 billion, reflecting continued momentum in Braintree products and services as well as growth in core PayPal and Venmo offerings. The company processed 6.6 billion payment transactions, up 8% year-over-year, while maintaining 429 million active accounts. Transaction expense rate was 0.95% of TPV, slightly higher than 0.94% last year.During the quarter, PayPal repurchased approximately 23.6 million shares for $1.5 billion and issued $1.3 billion in new fixed-rate notes. The company also implemented cost reduction initiatives, including a global workforce restructuring expected to generate approximately $565 million in annualized employee-related cost savings, though a portion will be reinvested in business priorities.