eBay Q2 beats slightly, additional stock buyback in the works

eBay said its board approved an additional $2.5 billion share repurchase program, which likely helped its shares pop around six percent in after market trading.

eBay reported slightly stronger than expected earnings Wednesday after the bell.

The San Jose, Calif.-headquartered corporation reported a Q2 net income of $437 million, or 38 cents per share (statement).

Non-GAAP earnings were 43 cents per share with revenue at $2.2 billion.

Wall Street was looking for earnings of 42 cents per share on revenue of $2.17 billion.

eBay's gross merchandise volume ticked up slightly to $20.9 billion. StubHub, eBay's de facto PayPal replacement in terms of revenue, reported GMV of $1.1 billion and revenue of $225 million, an increase of 40 percent.

For the current quarter, eBay says it expects Q3 revenue to be between $2.16 billion and $2.19 billion, with adjusted EPS remaining flat between 42 cents and 43 cents. Wall Street is anticipating 44 cents per share on revenue of $2.14 billion.

eBay said its board approved an additional $2.5 billion share repurchase program, which likely helped its shares pop around six percent in after market trading.

eBay CEO Devin Wenig highlighted the company's turnaround efforts, which include a total replatforming and a stronger focus on machine learning and structured data.

"We are now one year into executing our strategy to provide the best choice, the most relevance and the most powerful selling platform, and there are signs of momentum in our business," Wenig said, in a statement. "We continue to invest in our platforms to ensure eBay is a global commerce leader for years to come."

In a blog post last week, eBay's CTO Steve Fisher provided an update on the company's technology transformation. He said the company has instituted "sweeping changes on the platform this year which will become more and more visible across the site."