PayPal had the “strongest” quarter in its history thanks to the e-commerce boom caused by the pandemic, the payments company said on Monday. Its operating margin for the quarter ended September 30 was 27.2%, a 0.37% improvement from last year. However, the company’s outlook for the ongoing quarter is not that rosy.

PayPal saw a total payment volume (TPV) of $247 billion in Q3, registering a growth of 38% YoY; revenue was $5.46 billion, a growth of 25% YoY. But for Q4, the company expects a TPV growth in the “low to mid 30%” range. Revenue growth is expected to be slightly lower, in the 20-25% range.

Earnings snapshot

• Net revenues: $5.46 billion (growth of 25% YoY)
• Net income: 1.021 billion (growth 121% YoY)
• Operating income: $0.98 billion (growth of 40% YoY)
• Total payment volume (TPV): $247 billion (growth of 38% YoY)
• Net new active accounts (NNA): 361 million (15.2 million added in Q3)