PayPal reports Q1 EPS 78c, consensus 68c
Reports Q1 revenue $4.13B, consensus $4.13B. Earnings includes an 8c benefit related to PayPal's strategic investment in MercadoLibre (MELI). The company said, "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." It added that the completion of the sale of the U.S. consumer credit receivables portfolio to Synchrony in July 2018 negatively affected revenue growth by approximately seven percentage points.