eBay reports in line Q2 results
eBay delivered in-line second quarter financial results Thursday but its shares still fell more than 4 percent in late trading.
The San Jose, Calif.-headquartered corporation reported second quarter net income of $493 million, or two cents per share. Non-GAAP earnings were 45 cents per share with revenue at $2.3 billion.
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Wall Street was looking for earnings of 45 cents per share on revenue of $2.31 billion.
eBay said gross merchandise volume came in at $21.5 billion. The bulk came from its marketplace platforms, on which eBay has focused significant marketing efforts. The company said Marketplace delivered $20.5 billion of GMV and $1.9 billion of revenue.
eBay's ticket marketplace subsidiary StubHub delivered revenue of $236 million, up 5 percent despite what it says was a "softer U.S. events landscape compared to last year."
eBay said it added two million active buyers across its platforms, for a total of 171 million.
For the current quarter eBay said it expects net revenue between $2.35 billion and $2.39 billion and adjusted profit between 46 cents to 48 cents per share. Analysts on average were expecting 48 cents per share.
For the fiscal year, eBay expects net revenue between $9.3 billion and $9.5 billion. Wall Street is expecting around $9.41 billion.
"In Q2, eBay delivered strong top and bottom line financial results, led by Marketplace acceleration," said eBay CEO Devin Wenig. "During the past two years, we have made significant progress to modernize eBay and drive growth by improving the customer experience, creating a product catalog that covers more than half of our inventory, and sharpening the eBay brand. We are on track and focused on creating an even stronger eBay for years to come."