PayPal sees encouraging growth from Venmo; shares surge after hours

PayPal Holdings Inc. says that its efforts to make money from Venmo are nearing a “tipping point,” news that helped send shares of the payments company up 7% in after-hours trading Thursday.

Chief Executive Dan Schulman said on the company’s earnings conference call that 24% of Venmo users have engaged in a monetized transaction since launch, up from 17% in the June quarter.

“We saw significant advances across a wide array of Venmo monetization efforts,” he told investors.

PayPal PYPL, -3.26% has seen staggering numbers with some of its individual initiatives.

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