You can view the PayPal app on your mobile phone.PayPal shares dropped as high as 8% during extended trading Wednesday after the company reported second-quarter earnings that were lower than analysts expected.Here are the results compared to expectations.Earnings per Share: $1.15 adjusted vs $1.12 expected according to a Refinitiv survey.$1.15 adjusted vs. $1.12 anticipated in a Refinitiv survey by analysts Revenue: $6.24 Billion vs. $6.27 Billion expectedNet profit for the second quarter fell 23% to $1.18billion from the previous year. The company also added 11.4million net active accounts, bringing total active accounts to 403 million.According to a statement, revenue grew 19% in the quarter ended June 30. The pandemic triggered a boom in online shopping which drove record payments in 2020.The total payment volume increased 40% to $311 Billion, while the Venmo app which started supporting cryptocurrency services in April saw its payment volume increase 58% to $58 Billion.In the past year, the mobile payments company has made a major push into crypto, allowing U.S. users to purchase, sell and check out with cryptocurrency.PayPal's crypto ambitions, with its 32 million retail partners, have made it a competitor to Coinbase, which is the most popular cryptocurrency exchange in the country.PayPal claims that eBay is in the process of transitioning off its platform. This is a short-term drag on growth, but the company says that the transition will be complete by the end the third quarter.For the third quarter, PayPal expects adjusted earnings to be $1.07 per share based on revenues of $6.15 billion to 6.25 billion. Refinitiv analysts polled had predicted $1.14 adjusted earnings per share for $6.44 billion of revenue.The stock of PayPal has increased by 29%, excluding the after-hours move. However, the Nasdaq has gained more than 14% in the same time period.Kate Rooney also reports.WATCH: PayPal or Square? #AskHalftime
