PayPal Q1 Revenue Up 20%

April 22, 2013

PayPal parent eBay reported first-quarter earnings late last week and said payment volume processed by the unit rose 22 percent from the same period a year earlier to $41 billion. Revenue also increased, up 20 percent year-over-year to $1.5 billion. eBay also said PayPal added 5 million new customers for the second consecutive quarter, reaching a total of 128 million.

In a post on its corporate blog, PayPal President David Marcus touted the company’s popularity with consumers by citing a study on digital wallets.

“Recent studies have shown that we are the number one digital wallet in the United States, with almost 75 percent of Americans equating digital wallets with PayPal and almost half of them using us,” Marcus said. “Usage drops to only 8 percent for the next most popular wallet.”