PYPL US (Buy, TP: $80, +25%) PayPal Q2 24 - Beat and raise; Fastlane driving product focus
PayPal reported very strong Q2s, with Transaction margin $ 7% ahead of expectations, and growing 8% y/y, in turn driving a 21% non-GAAP EPS beat. All key guidance indicators for FY 24 are lifted. TM % growth is supported by a return to growth in Unbranded, a solid performance from Branded and from Venmo and ~3pp of growth from interest income.PayPal Holdings is a technology platform and digital payments company that enables digital and mobile payments on behalf of consumers and merchants worldwide. The company's combined payment solutions include its PayPal, PayPal Credit, Braintree, Venmo, Xoom and iZettle products and services. PayPal's payment solutions enable the company's customers to send and receive payments. PayPal helps merchants and consumers connect, transact, and complete payments, whether they are online, on a mobile device, in an app, or in person. The company provides proprietary payment solutions accepted by merchants that enable the completion of payments on the company's Payments Platform on behalf of its customers.
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