EBay Earnings, Revenue Top Forecasts; Shares Rise
EBayreported quarterly earnings and revenue that beat analysts' expectations, sending its shares higher in extended trading on Wednesday.
The online auctioneer delivered first-quarter earnings excluding items of 55 cents a share, upfrom 47 cents a share in the year-earlier period.
Revenue was $3.28billion, a 29 percent increase from $2.55 billion a year ago.
Analysts had expected the company to report earnings excluding items of 52 cents per share on revenue of $3.15 billion, according to a consensus estimate from Thomson Reuters.
The company's growth was driven by its Marketplace and PayPal businesses.
EBay forecast second-quarter profit of 53 cents to 55 cents per share and revenue of $3.25 billion to $3.35 billion. For the whole of 2012, the company expects earnings of $2.30 to $2.35 per share and revenue of $13.8 billion to $14.1 billion.
Wall Street was looking for earnings per share of 55 cents for the second quarter and $2.30 for the full year. Revenue was expected to be $3.36 billion in the second quarter and $13.85 billion for the whole of 2012.
Earlier this year, eBay forecast first-quarter earnings of 50 cents to 51 cents a share and revenue of $3.05 billion to $3.15 billion. For the whole of 2012, eBay previously forecast profit of $2.25 to $2.30 per share and revenue of $13.7 billion to $14 billion.
After the announcement, shares of the company rose 4 percent in after-hours trading. (Click here to get after-hour quotes for eBay.)