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PayPal experiences ‘strongest’ quarter, but outlook for Q4 falls short

PayPal had the "strongest" quarter in its history thanks to the e-commerce boom caused by the pandemic, the payments company said on Monday. Its operating margin for the quarter ended September 30 was 27.2%, a 0.37% improvement from last year. However, the company's outlook for the ongoing quarter is not that rosy. PayPal saw a total payment volume (TPV) of $247 billion in Q3, registering a growth of 38% YoY; revenue was $5.46 billion, a growth of 25% YoY. But for Q4, the company expects a TPV growth in the "low to mid 30%" range. Revenue growth is expected to be slightly lower, in the 20-25% range. Company underscores uncertainty due to election, pandemic: When asked about the company's outlook for Q4, CFO John Rainey signalled that it is not an easy forecast to make due to multiple uncertainties. He said that while PayPal's core business is strong, and growing at 30% plus in revenue, the COVID-19 virus, lockdowns, consumer confidence, the outcome of the presidential election and potential social unrest made it "prudent" to give a wide range estimate. Transactions worth $4 billion processed: For the first time in its history, PayPal processed transactions worth $4 billion in a quarter. PayPal daily active accounts, too, increased 32% compared a Q3 of 2019. Added 15.2 million net actives: The company added 15.2 million net new active accounts (NNA) in the quarter, a drop from the 21.3 million NNA in the previous quarter. These two quarters accounted for the highest "organic customer…

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