PayPal Holdings ( PYPL ) shares shot higher Tuesday after the electronic payment service posted better-than-anticipated results and boosted both its guidance and stock buybacks on strong transaction gains.

The company reported second-quarter earnings per share (EPS ) of $1.08, with revenue rising 8% year-over-year to $7.89 billion. Both exceeded consensus estimates of analysts polled by Visible Alpha.

Transaction revenue increased 9% to $7.15 billion, also more than forecasts, and transaction margin dollars were up 8% to $3.61 billion, which the company said was the best growth since 2021.

PayPal CEO Touts ‘Strength of Our Business’ Amid Guidance Raise

Chief Executive Officer (CEO ) Alex Chriss said, “Given the strength of our business, we are raising our 2024 guidance and increasing share repurchases.” PayPal now sees full-year adjusted EPS growing by a low- to mid-teens percentage, up from to its earlier outlook of a mid- to high-single-digit percentage. The company is lifting its share repurchase guidance to $6 billion from at least $5 billion.

The news sent shares of PayPal Holdings up 7.6% to $63.41 as of 10:25 a.m. ET Tuesday, moving into positive territory for the year.