PayPal reports $6.85 billion in Q3 net revenue, beats Wall Street estimate

Digital payments firm PayPal reported net revenue of $6.85 billion for the third quarter of 2022.

The Wall Street consensus was $6.82 billion, according to Factset. Net revenue rose 11% year-over-year, PayPal said in its earnings release.

GAAP earnings per share came in at $1.15 compared to the Street estimate of $0.96. EPS rose 26% year-over-year.

PayPal said that its total volume of payments grew 9% quarter-over-quarter, reaching $337 billion for the period. Venmo accounted for $63.6 billion of the quarterly figure.

"We delivered strong third quarter results," President and CEO Dan Schulman said. "We will continue to invest against our key priorities to advance our leading position in digital payments and commerce."

Earlier this year, PayPal beefed up its crypto wallet functions, adding the ability to send funds between PayPal and other wallets, a long-sought feature by users. PayPal first began offering crypto purchases in late 2020 through a partnership with Paxos.

PayPal scored a virtual currency business license from the New York Department of Financial Services in June, as previously reported.

Other crypto-related initiatives within PayPal include explorations around a possible stablecoin, though the company hasn't divulged much on this front beyond confirming previous reporting by The Block that such work was underway.

PayPal's stock plunged in value after the close of market trading. At press time, PYPL is down more than 12%. 

PayPal's third-quarter earnings call is at 5:30 p.m. ET.

This is a developing story and will be updated post-earnings call.