Popular payment app Venmo has ushered in 40 million users to the platform, its parent company PayPal announced Wednesday.
"We are confident in the 2019 goals we outlined last quarter when we continue to leverage our wide range of unique resources in our global digital payment platform," said PayPal director Dan Schulman in a press release.
Square, led by Twitter CEO Jack Dorsey, reported 15 million monthly active users for his competing Cash App from Decembe r.
PayPal reported better than expected earnings in the quarter after the market close to Wednesday. The company reported an adjusted earnings of 78 cents per share against 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 monitored target for the company – came in at $ 161 billion, a 25 percent increase year on year. This was during the $ 163 billion analysts asked after the FactSet had been waiting. Stocks in PayPal fell about 2 percent in the after-sales.
Venmo has not yet become a cash prize for PayPal. The company has not provided an accurate target date for profitability.
"The next phase for us is to get Venmo to break. And it's not going to happen in the next quarter or two, but it's the view that with what we do, PayPal Finance Director John Rainey said at last quarter call.