PayPal surges 14% to an all-time high after reporting record day of transactions that surpassed last year's Black Friday and Cyber Monday

• PayPal surged 14% to an all-time high on Thursday after announcing that May 1 saw a record day of transactions that surpassed last year's Black Friday and Cyber Monday.
• The company reported fiscal first quarter earnings that missed analyst estimates.
• Despite the earnings miss, commentary from CEO Dan Schulman revealed a surge in user engagement and new active users as people across the country are flocking to digital payments amid the coronavirus pandemic.
• Visit Business Insider's homepage for more stories.

PayPal surged to an all-time high on Thursday after revealing that the company saw a record day of transactions on May 1, surpassing last year's most popular shopping days Black Friday and Cyber Monday.

Additionally, PayPal's Venmo app saw its highest day ever of transactions on May 1.

The news comes after the company reported fiscal first quarter earnings on Wednesday.

Here are the key numbers:

Revenue: $4.62 billion, versus the $4.72 billion estimate
Adjusted earnings per share: 66 cents, versus the 74 cents estimate
Total payment volume: $191 billion, up 18% year-over-year

Shares of PayPal initially sold off more than 5% in after hours trading on Wednesday following the earnings report.

Read more: These 22 well-known companies could get acquired as coronavirus batters their businesses, BTIG says

The company experienced a significant decline from its clients in the travel and ticketing verticals.

"Some of our important customers, including Uber, Airbnb, and Live Nation saw rapid decreases in transaction volumes," CEO Dan Schulman said on PayPal's earnings call.

The company withdrew full-year guidance due to the coronavirus and reported a 17-cent hit to earnings per share, or $237 million, for increasing its credit loss reserve as many consumers struggle to pay their debts, with more than 33 million people losing their jobs over the past seven weeks.

While the company withdrew full-year guidance, it did give second quarter guidance, with revenue expected to grow 15% and adjusted earnings per share to increase 15-20%.

PayPal recorded 20.2 million net new active accounts for the quarter, which included 10.2 million accounts added from its recently closed acquisition of Honey.

"Our daily number of transactions accelerated throughout the month growing from the beginning of April until month end by 25% with 7.4 million net new actives, record engagement and transaction volumes, and 20% revenue growth," Schulman said.

Shares of PayPal were up as much as 14% to $146.90 in Thursday morning trades.