PayPal Holdings, Inc. (NASDAQ:PYPL) Q2 2024 Earnings Conference Call July 30, 2024 8:00 AM ET

Company Participants

Steve Winoker - Chief Investor Relations Officer
Alex Chriss - President, CEO
Jamie Miller - EVP, CFO

Conference Call Participants

Ramsey El-Assal - Barclays
Darrin Peller - Wolfe Research
Tien-Tsin Huang - JP Morgan
Harshita Rawat - Bernstein
Colin Sebastian - Baird
Sanjay Sakhrani - KBW
Dan Dolev - Mizuho
Timothy Chiodo - UBS
Jason Kupferberg - Bank of America
James Faucette - Morgan Stanley
Andrew Schmidt - Citi

Operator

Good morning and welcome to PayPal's Second Quarter 2024 Earnings Conference Call. My name is Sarah and I'll be your conference operator today. As a reminder, this conference is being recorded.

I would now like to turn the program over to your host for today's conference, Steve Winoker, PayPal's Chief Investor Relations Officer. Please go ahead.

Steve Winoker

Thanks, Sarah. Welcome to PayPal's Second Quarter 2024 Earnings Call. I'm joined by President and CEO, Alex Chriss and CFO, Jamie Miller. Our remarks today include forward-looking statements that involve risks and uncertainties. Actual results may differ materially from these statements. Our commentary is based on our best view of the world and our businesses, as we see them today.

As described in our earnings press release, SEC filings and on our website, those elements may change as the world changes. Now over to you, Alex.

Alex Chriss

Thank you, Steve. And thanks to everyone for joining us this morning. PayPal delivered a strong second quarter and first half with encouraging operating and financial results. While change takes time and we still have much work ahead of us, we are well positioned today, have the right leadership in place, and are moving full steam ahead. I'm confident we are on the right track in making meaningful progress on our transformation to position PayPal for long-term, durable and profitable growth.

Looking at our results in the second quarter, total payment volume rose 11% to $417 billion, and we delivered 9% revenue growth on a currency-neutral basis. Transaction margin dollars grew 8%, representing our best performance on that metric since 2021. Our non-GAAP earnings per share increased 36% year-over-year.

We're encouraged to see not only the strength and stability in PayPal's platform, but also early contributions from some of the initiatives we have underway. Branded checkout continues to grow profitably. Braintree is now meaningfully contributing to transaction margin dollar growth for the first time in over two years. Venmo momentum continues to build and monthly active accounts increased across both PayPal and Venmo.