“The traction we are seeing across our initiatives continues to give us confidence that PayPal's growth will accelerate in line with our 3-year outlook.”

In context

“o see more change in how people shop than the last 2 decades combined. As the largest 2-sided open platform in the world, we have the unique advantage of connecting hundreds of millions of consumers and merchants of every size to unlock entirely new deeply personalized shopping experiences. With PayPal's unmatched scale and trusted brands, our strategy is laser-focused on anticipating and fulfilling what customers need today and what they'll expect tomorrow, whether they're buying online, in-store or through AI agents. Our execution is fast and focused. We are strengthening PayPal's value proposition to bring in new customers, increase engagement and create strong partnerships with merchants. We are also attracting top brands and developers as we innovate and shape the future of commerce. The traction we are seeing across our initiatives continues to give us confidence that PayPal's growth will accelerate in line with our 3-year outlook. Turning to our second quarter performance. We delivered our sixth consecutive quarter of profitable growth despite the macro uncertainty. Transaction margin dollars grew 8%, excluding interest on customer balances. Success across many of our strategic initiatives contributed to that growth, including online and off-line branded experiences, payment services and Venmo. This highlights a healthy business with multiple avenues to sustain and accelerate growth, and non-GAAP earnings per share increased 18% year- over-year. We continue to build upon our broad reach and strong engagement. Both total active accounts and monthly active accounts grew 2% in the quarter. Transactions per active account ex PSP grew 4% as more people use PayPal and Venmo more often. If we look at our 4 strategic growt”