PayPal Holdings last night reported a third-quarter profit that beat analysts' estimates as the company signed up more new customers and volume of payments processed rose.
PayPal said its net income rose to $436m, or 36 cents per share, in the third quarter, from $380m, or 31 cents per share, a year earlier.
Third quarter revenue rose to $3.68 billion from $3.24 billion.
Excluding one-time items, the company earned 58 cents per share, beating the average analyst estimate of 54 cents, according to Refinitiv.
For the fourth quarter, PayPal expects revenue between $4.20 billion and $4.28 billion, in line with analysts' estimates of $4.21 billion estimate.
Shares of the company, which separated from ecommerce site eBay in 2015, were up 7% in trading after the bell last night.
In September it completed the purchase of Swedish payments firm iZettle, its largest ever acquisition.
"As pleased as I am with our financials, the highlight of the quarter was our growth in net new actives and engagement," PayPal's chief executive Dan Schulman said on a call with analysts.
The company added a record 9.1 million new active accounts in the third quarter, compared to an increase of 8.2 million a year earlier.
PayPal processed $143 billion in payments over the period, up 24% from a year earlier.
Venmo, its peer-to-peer payment app popular with younger consumers, processed $17 billion of payments in the third quarter, growing 78%.
"And while it is still early, our monetisation efforts appear to be reaching a tipping point," Schulman said.
He added that 24% of Venmo users have now participated in a "monetisable action," up from 17% last quarter.
