Here's our initial take on 's (NASDAQ: PYPL) fourth-quarter results.

PayPal's fourth-quarter results looked a lot like what we saw in Q3, with modest revenue growth, continued growth in active accounts albeit at a pretty low rate, and an increase in transactions per active account. In other words, the focus on products for which there is potential for growth and potential to grow user engagement seems to be working.

Part of what's helping drive PayPal's modest user growth is marketing, an area in which the company has committed to spending more money. Q4 sales and marketing expense was up more than 34%, and it was 10.1% higher for the full fiscal year, along with higher general and administrative expenses.

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Source Fool.com