PayPal Financial Results

Here are some highlights from PayPal's first quarter results:

• Payments net revenues totaled $335.1 million, up 44% year-over-year and up 10% from the prior quarter. 35% of PayPal's revenue was international.

• PayPal's user account base (the gross number of all PayPal accounts ever opened) grew to 105 million, up 47% year-over-year and up 9% from the prior quarter. Active accounts (performing at least one payment in the quarter) were 29.2 million.

• Total payment volume was $8.8 billion, up 41% year-over-year and up 8% from the prior quarter. The total number of payments was 149.2 million, up 35% year-over-year and 7% from the prior quarter.

• The percentage of PayPal's payment volume that occurred on eBay declined from 71% last year to 67% this quarter, reflecting PayPal's "off eBay" merchant signups.

• PayPal's top line revenue rate was 3.74% of payment volume, up from 3.64% last year. PayPal reported an essentially flat transaction loss rate of 29 basis points (representing fraud and protection program losses). The transaction expense rate continued to improve reflecting economies of scale as it fell to 1.04% from 1.15% last year.