NEW YORK (TheStreet) -- PayPal (PYPL) - Get Reportstock is up by 6.55% to $33.66 in mid-morning trading on Thursday, after the payments technology company reported its 2015 fourth quarter earnings results.
After the market close on Wednesday, PayPal reported earnings of 36 cents per share on revenue of $2.6 billion, which topped analysts' expectations.
Additionally, PayPal's launch of a $2 billion share repurchase program shows that management views shares as undervalued, TheStreet's Jim Cramer said in an Action Alerts PLUSpost on Wednesday afternoon. PayPal makes up about 3% of the charitable trust's portfolio.
PayPal is expecting 2016 first quarter earnings between 34 cents per share and 36 cents per share, which is in-line with analysts' expectations.
"We are beyond impressed by the company's results, and suspect management's initial guidance will prove conservative given the powerful momentum driving the convincing beat," Cramer and Research Director Jack Mohr said.