Venmo had a breakout quarter and is at a 'tipping point' to finally make money for PayPal, CEO says
Investors finally got what they were waiting for in PayPal's quarterly earnings: Good news about Venmo. The peer-to-peer payments app, which PayPal acquired along with Braintree in 2012, has struggled to make money for its parent company. Wall Street analysts highlighted the app's performance as a key metric to watch in Thursday's earnings report. Venmo didn't disappoint. It had a breakout third quarter with payment volume surging 78 percent to a total $ 17 billion. That's still a fraction of PayPal's total $ 143 billion in volume for the quarter, which missed analysts' expectations — but it's encouraging, PayPal's CEO says. ...