The US payment service provider PayPal has presented its figures for the second fiscal quarter of 2024, significantly exceeding expectations. Investors found it exciting on Tuesday when the company raised its earnings forecast for the current year.

In the second quarter, adjusted earnings per share rose by more than a third to $1.19 compared to the same period last year, significantly more than analysts had expected on average. Net revenue increased by eight percent to just under $7.9 billion, also stronger than forecasted.

Bottom line, PayPal earned $1.1 billion, a tenth more than in the same period last year. These positive figures caused the company's shares to rise by nearly nine percent to $64 in pre-market trading.

In light of these results, PayPal revised its annual forecast upwards. Adjusted earnings per share are now expected to increase in the low to mid double-digit percentage range. Previously, a gain in the mid to high single-digit range had been targeted. Including all effects, the value is now estimated at $3.88 to $3.98, compared to $3.84 the previous year. Previously, the company had targeted around $3.65.

The impressive quarterly figures and the optimistic annual forecast underscore PayPal's strong position in the field of online payment services. The company's stock price closed up 8.59 percent at $64.00 in trading on the NASDAQ.

PayPal not only exceeded market expectations but also strengthened investor confidence, which is reflected in a significant increase in the stock price.