eBay's Q3 narrowly beats expectations
eBay delivered in-line third quarter financial results Wednesday but its shares still fell more than 4 percent in late trading.
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The San Jose, Calif.-headquartered corporation reported third quarter net income of $514 million, or 48 cents per share. Non-GAAP earnings were also 48 cents per share with revenue of $2.4 billion, up 9 percent from the same period last year.
Wall Street was looking for earnings of 48 cents per share on revenue of $2.37 billion.
eBay said gross merchandise volume came in at $21.7 billion. The bulk came from its Marketplace platforms, on which eBay has focused significant technology and marketing efforts. The company said Marketplace delivered $20.5 billion of GMV and $1.9 billion of revenue.
"In Q3, we drove acceleration across all three of our platforms, delivering strong top and bottom line financial results and our fastest volume growth in over three years," said eBay CEO Devin Wenig. "Our customers are responding to the significant product enhancements we have been making, and this is reflected in our results."
Elsewhere on the balance sheet, eBay's ticket marketplace subsidiary StubHub delivered revenue of $275 million, up 5 percent.
eBay said it added two million active buyers across its platforms, for a total of 168 million. This number actually went down from last quarter, but eBay said that's because it excludes domestic active buyers in India following the sale of the company's India business to Flipkart.
For the current quarter eBay said it expects net revenue between $2.58 billion and $2.62 billion and adjusted profit between 57 cents to 59 cents per share. Analysts on average were expecting 59 cents per share with revenue of $2.58 billion.
For its full-year, the company projects revenue between $9.53 billion and $9.57 billion and earnings per share in the range of between $1.99 and $2.01.