eBay satisfies Q2 earnings targets

eBay said gross merchandise volume came in at $23.6 billion.

eBay delivered in-line second quarter financial results Wednesday.

The San Jose, Calif.-headquartered corporation reported second quarter net income of $533 million, or 64 cents per share. Non-GAAP earnings were 53 cents per share with revenue at $2.6 billion.

Wall Street was looking for earnings of 51 cents per share on revenue of $2.66 billion.

eBay said gross merchandise volume came in at $23.6 billion. The bulk came from its marketplace platforms, on which eBay has focused significant marketing efforts. The company said Marketplace delivered $22.6 billion of GMV and $2.1 billion of revenue.

eBay's ticket marketplace subsidiary StubHub delivered revenue of $246 million, up four percent and its Classifieds platforms delivered revenue of $259 million, up 18 percent. eBay said it grew its active buyer base by four percent, for a total of 175 million.

As for the sale of its stake in Flipkart, eBay said it saw gross proceeds of approximately $1.1 billion. The company plans to end its current strategic relationship with Flipkart after the transaction closes.

For the current quarter eBay said it expects net revenue between $2.64 billion and $2.69 billion and adjusted profit between 54 cents to 56 cents per share. Analysts on average were expecting 56 cents per share.

For the fiscal year, eBay expects net revenue between $10.75 billion and $10.85 billion. Wall Street is expecting around $10.95 billion. Shares were down less than one percent after hours.