PayPal (PYPL.US) rose more than 8% after raising its 2024 earnings forecast.

Shares of PayPal (PYPL.US), a digital payments service provider, rose on Tuesday, up more than 8% as of the time of writing, trading at $63.76. PayPal raised its second-quarter adjusted earnings per share guidance after the bell, betting on robust consumer spending in the back-to-school and upcoming holiday shopping seasons, while PayPal's cost-cutting measures have fully boosted the company's margin.

PayPal now expects adjusted EPS growth of “15% to 17%” in 2024, up from the previous guidance of “mid-single digit” growth. The company's adjusted EPS was $1.19 in the three months ended June 30, up from 87 cents in the year-ago quarter.

PayPal's total payment volume (TPV) on all platforms grew 11% to $416.81 billion in the second quarter, while total net revenue grew 9% year-over-year to $7.89 billion, on a constant currency basis.