PayPal Payment Volume Increases 28%
April 28, 2011
Global ecommerce and online payments provider eBay Inc. reported first quarter net income on a GAAP basis of $475.9 million, a 12 percent increase from the same time a year ago. Revenue jumped 16 percent to $2.5 billion. The company’s PayPal unit grew active registered accounts 16 percent year over year, ending the first quarter with 97.7 million and adding approximately one million active accounts per month for the sixth consecutive quarter. PayPal said its Q1 net total payment volume grew 28 percent to $27.4 billion compared to the same period in 2010, driven primarily by 38 percent year-over-year growth in its Merchant Services business across global markets, increased merchant adoption and greater usage by customers. eBay said PayPal “continued to deliver solid growth in mobile payments and digital goods,” with increased usage of Mobile Express Checkout, PayPal Send Money apps and the newly-launched PayPal for Digital Goods service.