PayPal Holdings Inc. announced on Tuesday that its net revenue in the third quarter of the fiscal year 2024 saw an annual increase of 6% to hit $7.8 billion. On the other hand, its net income declined by 1% year-on-year to land at $1.01 billion. Meanwhile, its diluted earnings per share (EPS) rose by 6% compared to the same trimester in 2023 to $0.99.

"We are raising our full year non-GAAP [generally accepted accounting principles] guidance and are pleased with the strength we are seeing across the business. We’ve built a solid foundation in this last year that will serve us in the years to come," Chief Executive Officer (CEO) and President Alex Chriss said. Additionally, the company projected its diluted EPS will grow to between $1.03 and $1.07 in the fourth quarter.

As the revenue failed market expectations, PayPal's shares decreased by 3.17% in the premarket.