PayPal added more than 20 million net new active accounts, including the 10.2 million it obtained from its $4 billion acquisition of online savings platform Honey in January. That helped PayPal's total payment volume rise by 18%, which, in turn, fueled a 12% increase in revenue, to $4.6 billion.
Better still, PayPal also continues to strengthen its cash flow metrics. Its operating and cash flow improved by 46% and 60%, respectively, to $1.5 billion and $1.3 billion.
"As our platform sees record increases in both new customer accounts and transactions, it is clear that PayPal's products are more important and relevant than ever before," CEO Dan Schulman said in a press release.
These strong results -- along with promising trends in April -- bode well for PayPal and its investors. The digital payments leader expects to deliver another impressive performance in the second quarter, including revenue growth of approximately 13% and adjusted earnings-per-share growth of 15% to 20%.
"The strength of our customer value proposition combined with the acceleration of digital payments adoption significantly accelerated in April, with increased demand and engagement," Schulman said.