Earnings roundup: eBay reports mixed Q4 earnings, Citrix beats, Symantec misses revenue
eBay reported fourth quarter financial results Wednesday mostly in line with estimates and saw its shares rise close to 6 percent in late trading.
The San Jose, Calif.-headquartered corporation reported fourth quarter net income of $618 million, or 59 cents per share. Non-GAAP earnings were also 59 cents per share with revenue at $2.6 billion, up 9 percent from the same period last year.
Wall Street was looking for earnings of 59 cents per share on revenue of $2.61 billion.
For its full year, eBay reported revenue of $9.6 billion, up 7 percent compared to 2016, and earnings of $2.00 per share.
eBay said gross merchandise volume came in at $24.4 billion, up 10 percent. The bulk came from its Marketplace platforms, on which eBay has focused significant technology and marketing efforts. The company said Marketplace delivered $23 billion of GMV and $2.1 billion of revenue.
"Q4 was a record quarter for eBay, representing the fifth quarter in a row of volume acceleration in our US Marketplace," said Devin Wenig, President and CEO of eBay Inc. "We have made great progress transforming eBay while delivering meaningful growth and we expect further acceleration in 2018 as we continue to execute our strategy."
eBay's ticket marketplace subsidiary StubHub delivered revenue of $307 million, up 10 percent from the same period last year.
eBay said it grew active buyers by 5 percent across its platforms, for a total of 170 million.
For the current quarter, eBay said it expects revenue between $2.57 billion and $2.61 billion and adjusted profit between 37 cents to 41 cents per share.
For full year 2018, eBay said it expects net revenue between $10.9 billion and $11.1 billion and earnings per share in the range of between $2.25 and $2.30.
Citrix reported fourth quarter financials Wednesday and reported a net loss of $284 million, or $1.93 cents a share, on revenue of $778 million, up 6 percent from a year ago. Non-GAAP earnings were $1.66 a share. Wall Street was looking for earnings of $1.61 per share on revenue of $778 million.
For fiscal year 2017, Citrix reported annual revenue from continuing operations of $2.82 billion, compared to $2.74 billion for fiscal year 2016, a 3 percent increase. Shares dropped roughly 4 percent in extended trading.
"This quarter, we delivered strong financial results, while at the same time, accelerating innovation across our portfolio and in the cloud. Our sales execution was excellent, driving double-digit product and subscription bookings growth and the fastest revenue growth of the year," David Henshall, president and CEO, said in a statement. "Our partners and our customers are really embracing our new subscription services, which have jumpstarted the multi-year plan that we presented in October 2017. I'm proud of how the team is executing, and I'm confident that we will see continued success in 2018."
Symantec also reported a third quarter net income of income of $2.01 a share on revenue of $1.23 billion, up 13 percent from a year ago. Non-GAAP earnings were 49 cents per share. Wall Street was expecting third quarter earnings of 44 cents a share on revenue of $1.27 billion. Shares dropped about five percent in extended trading.
"Despite selling the business volume that we planned in our Enterprise segment, third quarter revenue came in below our guidance," Greg Clark, Symantec CEO, said in a statement. "This result was due to an increased ratable mix shift in our Enterprise segment. Adoption of our cloud solutions by enterprise customers accelerated during the quarter, which reduced in-period revenue recognition, but increased implied billings and deferred revenue. Cloud adoption is positive for our customers and a long term benefit for our business. At the same time, our Consumer Digital Safety segment delivered revenue at the high end of our prior guidance range and continues to be a growth driver for the company. Company operating margins exceeded our expectations and we generated strong cash flow from operations. Our Integrated Cyber Defense platform and Consumer Digital Safety solutions are resonating with customers and we expect continued momentum in the fourth quarter."