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PayPal (NASDAQ:PYPL) shares are down in after-hours trading Thursday following its third-quarter earnings release, which saw it top earnings and revenue expectations.
PayPal shares are currently down over 12% in post-market trading.
The financial technology company, which has been under fire recently, posted earnings per share of $1.08 on revenue of $6.85 billion. Analysts expected earnings of $0.96 on revenue of $6.82 billion.
Total Payment Volume was $337 billion, representing a 9% increase.
Despite the beat, the stock continues to head lower and revenue guidance may have also disappointed investors, with the company seeing FY2022 revenue at $27.5 billion versus the consensus of $27.81 billion. However, it raised FY2022 earnings per share expectations to between $4.07 and $4.08, coming in above the consensus of $3.93.
PayPal added that it is working with Apple (NASDAQ:AAPL) to enhance offerings for PayPal and Venmo merchants and consumers.
“We delivered strong third-quarter results. We will continue to invest against our key priorities to advance our leading position in digital payments and commerce. We’re very pleased to be working with Apple to enhance our offerings for our PayPal and Venmo merchants and consumers,” said PayPal President and CEO Dan Schulman.
