Popular payment app Venmo has ushered in 40 million users to its platform, its parent company PayPal announced on Wednesday.
Popular payment app Venmo has ushered in 40 million users to the platform, its parent company PayPal announced on Wednesday. div >div.group >p:first-child">This is the first time PayPal has disclosed user numbers for the millennial-focused, peer-to-peer app.
Square has reported 15 million users for its rival Cash App, by comparison. In its first-quarter earnings report, PayPal said it now has a total 277 million total customer accounts — including 22 million merchant accounts. Total payments volume for Venmo grew 73 percent year over year to $21 billion in the first quarter, the company said. The company said Venmo is still on pace to do $100 billion in payment volume this year. "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," PayPal CEO Dan Schulman said in a press release. PayPal reported better-than-expected first-quarter earnings after the market close Wednesday. The company reported adjusted earnings of 78 cents per share vs. the 68 cents forecast by Refinitiv. Revenue for the quarter was in line with Wall Street's $4.13 billion estimates. Total payment volume — a closely watched metric for the company — came in at $161 billion, a 25 percent increase year over year. This was below the $163 billion analysts polled by FactSet had been expecting. Shares of PayPal fell roughly 2 percent in after-hours trading. Venmo has yet to become a money-maker for PayPal. The company has not given an exact target date for profitability. "The next phase for us is to get Venmo to break even. And that's not something that's going to happen in the next quarter or two, but there's line of sight to that with what we're doing," PayPal CFO John Rainey said on last quarter's call.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Two murders stumped cops for 40 years. The key was sitting in a bathroom cabinet.A California whodunit ends after 40 years thanks to new advances in DNA technology.
Read more »
Why the middle-aged are replacing teenagers in maternity wardsTeen pregnancy rates have fallen for the tenth consecutive year in Britain, while the conception rate among women aged 40 and over is rising
Read more »
DNA from old razor helped solve two cases of rape and murder from 40 years agoPolice have cracked a cold case with DNA found on the razor of the man they say raped and killed two women more than four decades ago in California
Read more »
HHS launches program to cut opioid overdoses by 40 percent in three yearsIt will employ a comprehensive strategy across several states, encouraging the involvement of doctors, police, churchs and even housing providers.
Read more »
Death toll from DRC boat accident rises to 40The boat was carrying nearly 200 people when it capsized in Lake Kivu in eastern Democratic Republic of Congo last week. Over 100 remain missing.
Read more »
Every Track On BTS' New Album Debuts Inside The Top 40 On The Bestselling Songs RankingAll seven tracks featured on their new No. 1 album will debut on the Digital Songs chart, as they were purchased by thousands of fans across the country.
Read more »
Sri Lanka arrests 40 suspects after bombings, toll up to 310COLOMBO, Sri Lanka (AP) — As a state of emergency took effect Tuesday giving the Sri Lankan military war-time powers, police arrested 40 suspects, including the driver of a van allegedly used by...
Read more »
Opinion | After 40 Years, C-Span’s Founder Signs OffBrian Lamb, the man who put Congress on live television, reflects on the results and explains why the Supreme Court ought to be next.
Read more »
New York auto show previews Tesla's future competition with more than 40 electrified vehiclesIn a sign of how fast things are changing, two of the three finalists for World Car of the Year at the 2019 New York show were fully electric with the Jaguar I-Pace taking Car of the Year, World Car Design and World Green Car for 2019.
Read more »