Buy now pay later schemes have grown in popularity so much that just in Australia alone there is estimated to be over 6.1 million active accounts as of 2021. This is almost a quarter of Australia’s population utilising this service which is a pretty damming statistic lets talk about it.

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‘Mad Money’ host Jim Cramer and the ‘Squawk on the Street’ team discuss shares of PayPal, which are dropping after the company’s latest earnings report. Sign up and learn more about the CNBC Investing Club with Jim Cramer https://cnb.cx/3Ei22n4

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PayPal stock is down seven percent following its earnings report. Kate Rooney joins Closing Bell to break down the numbers from the company’s earnings report. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

PayPal shares fell as much as 8% in extended trading on Wednesday after reporting second-quarter earnings that were weaker than analysts had expected.

Here’s how the company did versus expectations:

Earnings per share: $1.15, adjusted, vs. $1.12 expected in a Refinitiv survey of analysts
Revenue: $6.24 billion vs. $6.27 billion expected
Second quarter net profit dropped 23% from a year earlier to $1.18 billion, and the company added 11.4 million net new active accounts, for a total of 403 million active accounts.

Revenue grew 19% year over year in the quarter that ended June 30, according to a statement. The pandemic fomented a surge in online shopping, helping to drive record payment volume in 2020.

Total payment volume grew 40% to $311 billion, while the Venmo app, which began supporting cryptocurrency services in April, saw payment volume grow 58% to $58 billion.

The mobile payments company made a big push into crypto in the last year, allowing users in the U.S. to buy, sell, and check out with cryptocurrencies.

With its network of 32 million retailers, PayPal’s crypto ambitions have positioned the company as a rival to Coinbase, the country’s most popular crypto exchange.

PayPal says that eBay is transitioning off of its platform, which is causing a “short-term drag” on growth but says the eBay transition will be completed by the end of the third quarter.

With respect to guidance, for the third quarter PayPal sees adjusted earnings of $1.07 per share on revenue of between $6.15 billion to $6.25 billion. Analysts surveyed by Refinitiv had expected $1.14 in adjusted earnings per share on $6.44 billion in revenue.

Excluding the after-hours move, PayPal stock has risen about 29% since the start of the year, while the Nasdaq is up more than 14% over the same period.

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#PayPal CFO John Rainey disclosed that 4.5 million accounts had been shut down after “bad actors” took advantage of incentives and rewards programmes, resulting in shares falling by 25%. PayPal representatives revealed that inflation and supply