PayPal shares jumped more than 6 percent after the company reported an earnings beat following the market close Wednesday.
The California-based payments company posted earnings of 44 cents per share on revenue of $2.98 billion, up from profit per share of 37 cents on $2.54 billion in revenue a year earlier.
A consensus of analysts polled by Thomson Reuters expected earnings of 41 cents per share on revenue of $2.94 billion.
The company said it projects adjusted full-year earnings of between $1.74 and $1.79 per share, above the analyst projection for $1.72.
PayPal also said its board approved a $5 billion buyback.
"This is one of these quarters where we just hit on all cylinders," CEO Dan Schulman said in an earnings call on Wednesday.
Shares of PayPal were up nearly 12 percent in the past 12 months as of Wednesday's close.