eBay delivered mixed second quarter financial results on Wednesday. Overall, eBay saw a decline in consumer online spending and active buyers, but the company is seeing growth in its managed payments and advertising businesses.
The San Jose, Calif.-based e-commerce company reported second quarter net income of $294 million, or 43 cents per share. Non-GAAP earnings were 99 cents per share on revenue of $2.7 billion, up 14% from the same period last year.
Wall Street was looking for earnings of 95 cents per share on revenue of $3 billion.
In its financial release Wednesday, eBay said GMV was down 7% year over year to $22.1 billion. Meanwhile, eBay said annual active buyers declined by 2% for a total of 159 million. Annual active sellers grew by 5% to 19 million globally. Additionally, eBay said its managed payments business processed 71% of global on-platform volume in the second quarter.
In terms of guidance, eBay said it expects revenue between $2.42 billion and $2.47 billion and adjusted profit between 86 cents to 90 cents per share for the current quarter. Analysts are looking for Q3 revenue of $2.89 billion and EPS of 90 cents.
Jamie Iannone, Chief Executive Officer at eBay. "During the quarter, we hit several important milestones in our ongoing transformation, including the transition of eBay's Classifieds business - a deal that has already delivered exceptional shareholder value - and the announcement of the sale of our Korean business. We are simplifying our portfolio and growing our core while delivering significant shareholder value.
Shares of eBay were down around than 2% after hours.