Paypal  (PYPL - Get Report) shares were up more than 6% after hours Wednesday after the company reported first quarter earnings of 44 cents per share that topped analyst expectations of 41 cents per share. Revenue of $2.98 billion also beat Wall Street forecasts of $2.94 billion.

The company announced a $5 billion share buyback program. The company added 6 million users in the quarter, bringing its total to 203 million. 

"We are deepening our merchant offerings and relationships, and expanding our network of strategic partnerships to make PayPal more available in new contexts and new markets," CEO Dan Schulman said. 

(What will move markets this quarter and how should investors position themselves ahead of time? Jim Cramer sat down with four of TheStreet's top columnists recently to get their views. Click here to listen to his latest Trading Strategies roundtable with them and read their advice for stocks, bonds, forex and gold.)