08:33 AM EDT, 04/30/2024 (MT Newswires) -- PayPal Holdings ( PYPL ) reported Q1 non-GAAP earnings Tuesday of $1.08 per diluted share, up from $0.85 a year earlier.

Analysts polled by Capital IQ expected $1.22.

Net revenue for the quarter ended March 31 was $7.70 billion, up from $7.04 billion a year earlier.

Analysts surveyed by Capital IQ expected $7.52 billion.

The company said it expects Q2 non-GAAP EPS to rise by a low double-digit percentage compared with $0.87, based on the new non-GAAP methodology, a year ago. It expects net revenue to increase 6.5% to 7%.

Analysts surveyed by Capital IQ expect Q2 normalized EPS of $1.21 on revenue of $7.81 billion.

The company expects 2024 non-GAAP EPS to rise by a mid to high single-digit percentage compared with $3.83, based on the new non-GAAP methodology, a year ago. Analysts polled by Capital IQ expect $5.14.

PayPal ( PYPL ) said its new non-GAAP methodology includes the impact of stock-based compensation expense and related employer payroll taxes.

PayPal ( PYPL ) shares rose 5.8% in recent premarket activity.

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