PayPal Stock Is Surging Today: Here's Why

PayPal Holdings Inc PYPL shares are trading higher Thursday after the company reported better-than-expected top-line results. 

PayPal said first-quarter revenue increased 7% year-over-year to $6.5 billion, which beat the $6.4 billion estimate. The company reported quarterly adjusted earnings of 88 cents per share, which was in line with estimates, according to data from Benzinga Pro.

PayPal said it expects full-year 2022 revenue to increase 11% to 13% year-over-year. The company expects full-year adjusted earnings to be in a range of $3.81 to $3.93 per share versus the $4.63 estimate. 

See Also: Why Nvidia Shares Are Rising

Thursday on CNBC's "Fast Money Halftime Report," Market Rebellion co-founder Jon Najarian named PayPal his top stock pick for the year. 

"PayPal in the $80s, I think, is a great opportunity," Najarian said. 

PYPL Price Action: PayPal shares have traded between $82.12 and $310.16 over a 52-week period. It's down more than 50% year-to-date.

The stock was up 11.4% at $92.05 at time of publication.

Photo: courtesy of PayPal.