PayPal (PYPL - Get Report)  beat earnings and revenue estimates for the second quarter, but it was the third quarter that seemed to concern investors. 

PayPal shares fell more than 4% in after-hours trading Wednesday as the company's revenue outlook for the third quarter fell slightly short of analysts' expectations. In their earnings release on Wednesday, PayPal forecasted revenue of between $3.62 billion and $3.67 billion for the third quarter, compared to a consensus estimate of $3.71 billion. 

The payments giant reported adjusted EPS of $0.58, versus consensus expectations of $0.56. PayPal also reported $3.86 billion in revenue for the second quarter, beating consensus expectations of $3.71 billion.

"Our customer choice initiatives, partnership strategy and continued focus on being a customer champion are contributing to our sustained strong performance," said Dan Schulman, President and CEO of PayPal, in a press release. "We are pleased to have announced four acquisitions in the second quarter that advance our merchant value proposition and geographic reach. Our strategic decision to become an open platform committed to partnerships has increased the value that PayPal can offer our customers, both consumers and merchants." 

PayPal's stock has performed well this year, up 18% year-to-date.

The company will be hosting a call with analysts to discuss the Q2 results at 6 p.m. ET.

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