Popular payment app Venmo has ushered in 40 million users to the platform, its parent company PayPal announced on Wednesday.
In its first-quarter earnings report, PayPal said it now has a total 277 million total customer accounts — including 22 million merchant accounts. Total payments volume for Venmo grew 73 percent year over year to $21 billion in the first quarter, the company said. The company said Venmo is still on pace to do $100 billion in payment volume this year.
PayPal reported better-than-expected first-quarter earnings after the market close Wednesday. The company reported adjusted earnings of 78 cents per share vs. the 68 cents forecast by Refinitiv. Revenue for the quarter was in line with Wall Street's $4.13 billion estimates.
Venmo another money-grabbing, fee-robbing entity that is profiting big time from uninformed users!
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