Summary by Moomoo AI
PayPal reported solid Q3 2024 financial results with net revenues increasing 6% to $7.85 billion, driven by a 9% growth in total payment volume to $423 billion. Operating income rose 19% to $1.39 billion as operating margin expanded to 18% from 16% last year, reflecting lower transaction and credit losses. The company processed 6.6 billion payment transactions, up 6% year-over-year.Transaction revenues grew 6% to $7.07 billion, primarily from increased payment volume through Braintree products and services, as well as core PayPal and Venmo offerings. Operating expenses increased moderately by 3% to $6.46 billion, with transaction expenses up 7% to $3.84 billion, while transaction and credit losses decreased 21% to $352 million due to improved risk management.The company maintained strong liquidity with $14.5 billion in cash and investments at quarter-end. During Q3, PayPal repurchased approximately 27.7 million shares for $1.79 billion. The company expects lower volume and transaction revenue growth in Q4 2024 and into 2025 from Braintree products due to ongoing merchant negotiations.
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