eBay May as Well Have Missed
NEW YORK (TheStreet) -- Shares of eBay (EBAY) fell late Wednesday despite the online auctioneer reporting an in-line third-quarter profit with revenue coming in slightly above estimates.
This wasn't enough for investors, as the e-commerce giant has reported some nice earnings beats in recent quarters, making these in-line results tantamount to a miss in the eyes of Wall Street. It is also worth noting that eBay's stock typically sells off after earnings reports regardless of results.
For the three months ended in September, eBay earned 48 cents per share on revenue of $2.97 billion. Analysts were looking for a profit of 48 cents per share on revenue of $2.91 billion.
In the third-quarter last year, eBay earned 40 cents on revenue of $2.25 billion.
eBay's gross merchandise volume in its marketplace business rose 16%, excluding vehicle sales, to $14.7 billion, the company said. The company sees fourth-quarter earnings coming in between 55 and 58 cents a share on revenue ranging from $3.2 billion to $3.35 billion. Wall Street's current consensus view is for a profit of 58 cents on revenue of $3.31 billion. Shares of eBay were last quoted at $31.82, down 4.1%, on after-hours volume of 1.7 million, according to Nasdaq.com. -Reported by Jeanine Poggi in New York. Follow TheStreet.com on Twitter and become a fan on Facebook.Select the service that is right for you!
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