August 7, 2008, 12:00 AM

PayPal reports Q2 revenue of $602 million, up 33% year-over-year

PayPal, eBay’s online payment service, reported second quarter net revenue of $602 million, a 33% year-over-year increase. Payment volume rose 35% to $14.93 billion.

PayPal, eBay’s online payment service and payment processor for e-retailers, reported second quarter net revenue of $602 million, a 33% year-over-year increase. Continued growth in merchant services globally and increased penetration on eBay internationally accounted for most of the growth.

“This was a strong quarter and we are very pleased with the performance of the portfolio, particularly with the growth generated by PayPal,” says John Donahoe, eBay Inc. president and CEO.

PayPal’s payment volume hit $14.93 billion in the quarter, a 35% increase over the same quarter last year. Global active registered accounts increased to 62.6 million, up 19% year-over-year. For the first six months, PayPal’s payment volume rose 34% to $29.34 billion from $21.84 billion a year earlier. EBay didn`t report first-half revenue figures.

PayPal will continue to focus on increasing penetration into eBay’s Marketplaces business and on acquiring new merchants, the company says.

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