For the past quarter, PayPal reported earnings of 46 cents per share, topping expectations for 43 cents per share, according to analysts surveyed by FactSet. Revenue climbed 18.3% year-over-year to $3.14 billion, also beating analysts' expectations for $3.09 billion.
Shares of PayPal closed at $58.79 on Wednesday and were up 2.62% to $60.33 in after-hours trading.
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In more good news for investors of the online payment company, PayPal raised earnings guidance for 2017. Revenue for the full year is expected to be between $12.775 billion and $12.875 billion, vs. the previous range of $12.520 billion to $12.720 billion. Analysts surveyed by FactSet were expecting revenue to come in at $12.7 billion for 2017.
PayPal also took the opportunity to announce new partnerships with Baidu (BIDU) - Get Report and Bank of America (BAC) - Get Report . The partnership with Baidu will give Chinese consumers the option to pay with Baidu Wallet and PayPal at PayPal's millions of merchants outside of China.
Shares of PayPal are up nearly 50% year-to-date.
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