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PayPal Q1 results spotlight Instagram as eBay volume slumps
PayPal Q1 results have seen them set their focus on Instagram as eBay’s volume declined this quarter, as PayPal’s reduced thier reliance on eBay after partnering with Instagram in March 2019.
According to PayPal’s first quarter results for the period ended on the 31st of March, 2019, PayPal saw a revenue of $4.13 billion. That’s up 12% on both a spot and foreign currency-neutral (FX-neutral or FXN) basis. eBay’s volume declined 4% on an FX-neutral basis versus growth of 6% in Q1 2018 -representing 9.7% of TPV for the quarter versus 12.7% a year ago.
While PayPal saw strong first quarter results, eBay’s declining volume noted as”PayPal’s key business driver” was the worst performing amongst PayPal’s own merchant services, Person-to-Person, and their own payment service, Venmo.
PayPal pointed to profit drivers which contributed to the strong growth in Q1 2019. PayPal’s merchant services volume grew 29% on an FX-neutral basis. Person-to-Person (P2P) volume grew 41% to $42 billion, representing 26% of TPV, and their Venmo processed $21 billion of TPV in the first quarter, growing 73%.
“We had a great start to the year, with strong growth in revenue, net new active accounts and engagement across our platform. We launched new strategic relationships with some of the world’s largest marketplaces and platforms including Instagram and MercadoLibre.We now have 277 million customer accounts, including 22 million merchant accounts and over 40 million active Venmo accounts. We are confident in the 2019 targets we outlined last quarter as we continue to leverage our wide range of unique assets in our global digital payments platform.”
– Dan Schulman, president and chief executive officer, PayPal
When is check out with Insta coming to the UK anyone know???
Amazing I managed to understand Schulman’s message on first read.
Anything by Wennig leaves me double taking and wondering how much time he’s spending in the Exec. washroom…..
Instagram said that they’re currently testing the checkout service to roll it out to the UK and globally. Probably later this year.