EBay Shares Jump as Results, Outlook Top Forecasts
EBayposted quarterly results that exceeded analysts' expectations and raised its outlook for the fiscal year Wednesday, sending shares higher in late trading.
The online auction company reported fourth-quarter earnings of 52 cents a share, excluding one-time items, compared with 44 cents a share during the same period a year earlier.
Sales for the most recent quarter rose to $2.50 billion, up from $2.37 billion last year.
The company was seen earning 47 cents a share on revenue of $2.49 billion, according to a consensus estimate from Thomson Reuters.
Ebay boosted its full year revenue guidance to between $1.90 a share and $1.95 a share, excluding one-time items. Analysts' earlier per-share consensus stood at $1.85 a share.
In addition, Ebay said it expects to generate a profit of between 44 cents a share and 46 cents a share in its current quarter, excluding one-time items, in line with 45 cents a share that 21 analysts who follow the company had expected.
Shares of Ebay jumped more than 5 percent in extended trading Wednesday. The stock closed down more than 1 percent at $29.09 in the regular New York Stock Exchange session. Volume reached almost 20 million shares before the closing bell. Get after-hour quotes for eBay here.
"We delivered a strong fourth quarter and a solid year, driven by our customer focus, commitment to technology-led innovation and our operating discipline, which is enabling us to reinvest in growth," said John Donahoe, CEO of Ebay, in a prepared statement. "We are driving strong global growth at PayPal and strengthening our core eBay business. And we are innovating quickly in areas such as mobile, which is helping to position us at the forefront of trends shaping the future of shopping and payments."