“To date in Q4, branded trends have stabilized and are tracking in line with the first half of the year.”

In context

“our customers and improving our value proposition, and we're positioning ourselves for a return to growth in our customer base. Turning to volume growth. We're reporting total payment volume of $387.7 billion, representing 15% growth at spot and 13% growth on a currency neutral basis, with that growth primarily driven by Braintree. U.S. TPV grew 10%. International TPV grew 19% currency neutral, accelerating 5 points sequentially, primarily driven by strength in Europe as well as improvements in Asia. I would now like to comment on our branded checkout performance. PayPal's global branded checkout volumes grew approximately 6% in the quarter on a currency neutral basis, relative to 7.5% growth in Q3 last year. Growth accelerated in July to 8%, but moderated as we moved through the quarter. To date in Q4, branded trends have stabilized and are tracking in line with the first half of the year. As I mentioned, revenue increased 9% on a currency neutral basis and 8% at spot to $7.4 billion. Transaction revenue grew 7% to $6.7 billion, driven by Braintree and PayPal branded checkout. Hedge gains for the quarter were $7 million, $149 million lower than Q3 last year. In Q3 of last year, we also benefited from approximately $75 million in contractual compensation from merchants, which did not contribute to our revenue this year. In addition, as we discussed last quarter, migrating and consolidating legacy PayPal payment services was also a drag on the growth in transaction revenue. Other value-added services revenue grew 25% to $764 million, almost entirely driven by increased interest income on customer store balances. In the third quarter, U.S. revenue grew 7%. International revenu”