“We remain on track to drive over $900 million in cost savings across our operating and transaction expenses this year, and at least $1.3 billion in cost savings next year.”

In context

“e for peak holiday shopping. This partnership is a reflection of Venmo scale and ubiquity, particularly in younger demographics. And we look forward to working closely with Amazon on this new offering to drive results. These relationships are aligned with our practice of working collaboratively with the major players across technology, and financial services to provide more choice and superior experiences to our mutual customers. We are regarded by many as a partner of choice due to our scale and ubiquity, enabling us to create unique value for our customers. And while we continue to enhance our strategic position, we remain focused on the operational initiatives that we shared last quarter. Our efforts to reduce our cost structure and drive productivity gains are yielding strong results. We remain on track to drive over $900 million in cost savings across our operating and transaction expenses this year, and at least $1.3 billion in cost savings next year. This focus on efficiency, while continuing to invest in key growth areas is a high priority for us. And we now expect to grow our year-over-year non-GAAP operating margin in Q4 to approximately 22.5%. We further anticipate that in 2023, we will deliver at least 100 basis points of operating margin expansion. Let me now turn to our results. Our revenues in the third quarter were $6.85 billion up 12% FXN and 11% spot, exceeding our guidance. I'm pleased to say that eBay's migration to manage payments is behind us and will be inconsequential to our results in the fourth quarter. Normalizing for eBay's migration to manage payments, our Q3 revenues grew approximately 13% on an FX neutral basis. Non-GAAP EPS was $1.08 which exceeded the midpoint of our guidance by $0.13. The cost containment ac”