PayPal's total payment volume jumped 29% to $222 billion, while its revenue leapt 22% to $5.3 billion. The gains were fueled in part by a surge in e-commerce sales during the COVID-19 crisis, as stay-at-home orders and other social distancing guidelines drove more people to shop online than ever before.
"In the midst of the COVID-19 pandemic, digital payments have become more important and essential than ever," CEO Dan Schulman said in a press release. "Our record performance in the second quarter -- our strongest quarter ever -- reaffirms the relevance of PayPal in the unfolding digital future."
Better still, PayPal is growing more profitable as it expands its revenue base. Its adjusted operating income and earnings per share both surged 49%, to $1.5 billion and $1.07. PayPal's cash flow generation was even more impressive; its operating and free cash flow soared 103% and 112%, respectively, to $2.4 billion and $2.2 billion.
PayPal is clearly one of the winners in the migration away from cash and toward digital transactions. COVID-19 is only serving to accelerate this global trend, and PayPal is doing its best to make the most of its current opportunities.
"This is our time," Schulman said during a conference call with analysts. "We intend to seize the moment."