Shares of PayPal Holdings Inc. are up 2.4% in after-hours trading after the company reported better-than-expected earnings and revenue for its first quarter. Net income rose to $511 million or 42 a share for the first quarter, from $384 million or 32 cents a share a year earlier. Adjusted earnings of 57 cents a share marked an increase from 44 cents a year ago and came in ahead of estimates for 54 cents. PayPal has beaten earnings expectations in every quarter since spinning off from eBay Inc. in 2015. Revenue rose 24% to $3.7 billion, versus analysts' expectation of $3.6 billion. PayPal said it had 237 million active accounts in the first quarter, an increase of 8.1 million. PayPal's peer-to-peer Venmo service processed more than $12 billion in volume, up 80% from a year ago. "After a strong 2017, we entered 2018 with continued momentum," chief executive Dan Schulman said in a release. "Our partner relationships in the U.S. and across the globe continue to grow and flourish." PayPal shares are up 66% over the past 12 months, compared with a 10% gain for the S&P 500