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PayPal reports higher non-GAAP profit in Q3, lowers EPS guidance for FY'19

PayPal Holdings Inc. reported third-quarter 2019 non-GAAP net income of $723 million, or 61 cents per share, an increase from $694 million, or 58 cents per share, in the same quarter of 2018.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was 60 cents.

The company's GAAP net income was $462 million, or 39 cents per share, compared with $436 million, or 36 cents per share, in the third quarter of 2018.

Net revenue in the quarter was $4.38 billion, compared with $3.68 billion in the year-ago quarter. PayPal processed total payment volume of $178.67 billion, up 25% from the $143.00 billion processed in the year-ago quarter. Person-to-person payment volume jumped 39% to $51 billion, accounting for about 28% of the company's total payment volume for the quarter.

Venmo processed more than $27 billion of total payment volume, an increase of 64%, the company said.

PayPal added 9.8 million net new active accounts, bringing total active accounts to 295 million.

The company released fourth-quarter guidance and lowered its guidance for the full year.

For 2019, PayPal expects non-GAAP EPS of $3.06 to $3.08, down from the previous range of $3.12 to $3.17. GAAP net income per share is now expected to be between $2.03 and $2.06, down from the prior range of $2.16 to $2.22. Revenue is expected to grow about 15% on a foreign exchange-neutral basis for the year.

The S&P Global Market Intelligence consensus normalized EPS estimate for the year is $3.02.

For the fourth quarter, the company expects to report non-GAAP EPS of 81 cents to 83 cents and GAAP EPS between 39 cents and 42 cents. Revenue is expected to grow 17% to 18% on a foreign exchange-neutral basis.

The S&P Global Market Intelligence consensus normalized EPS estimate for the fourth quarter is 81 cents.