PayPal reported second-quarter earnings that topped Wall Street estimates on Wednesday, but its third-quarter revenue outlook fell short.

Here's how the company did compared with what Wall Street expected:

Earnings per share: 58 cents vs. 57 cents, forecast by Thomson Reuters

Revenue: $3.86 billion vs. $3.81 billion, forecast by Thomson Reuters

That revenue figure represents 23 percent growth, from the $3.14 billion PayPal reported in the year-ago quarter. For the third quarter, PayPal's profit forecast was in line with analyst expectations, but its revenue outlook missed. The company said it expects adjusted earnings per share between 53 cents and 55 cents on revenue between $3.62 billion and $3.67 billion. Analysts had projected third-quarter earnings of 54 cents a share on revenue of $3.71 billion, according to Thomson Reuters consensus estimates.

Shares of PayPal fell more than 4 percent in after-hours trade.

The stock has been on a tear, setting an fresh all-time intraday high of $92.35 in Wednesday's session. PayPal has gained 24 percent so far in 2018 and more than 56 percent in the past 12 months.

For the second quarter, PayPal’s net income climbed to $703 million, or 58 cents per share, from $554 million, or 46 cents a share, a year earlier.

PayPal also said its board approved up to $10 billion in share buybacks.

The financial technology company also raised its full-year forecast, saying it now expects adjusted earnings per share between $2.32 and $2.35 on revenue between $15.3 billion and $15.5 billion. PayPal previously projected adjusted full-year earnings per share between $2.31 and $2.34 on revenue between $15.2 billion and $15.4 billion.

On Monday, Third Point hedge fund manager revealed that his fund added a new position in PayPal during the second quarter. He forecasts that the stock price will rise to $125 within 18 months, representing a 43 percent upside to Friday's close.

"We see parallels between PayPal and other best‐in‐class internet platforms like Netflix and Amazon: high and rising market share, untapped pricing power, and significant margin expansion potential," Loeb said in a letter to clients.

When reached for comment, a PayPal spokesperson said the company appreciates the investment.

In May, PayPal unveiled a $2.2 billion deal to buy European payments start-up iZettle ahead of its IPO. The Sweden-based company had planned on listing on the Nasdaq in Stockholm prior to the announcement.