The San Jose, Calif.-based company reported non-GAAP earnings of $725 million, or 55 cents a share, in the quarter on revenue of $3.28 billion, up 29% from last year's total. The average estimate of analysts polled by Thomson Reuters was for a profit of 52 cents a share in the March-ended quarter on revenue of $3.15 billion.
For the second quarter ending in June, eBay expects non-GAAP earnings of 53 to 55 cents a share on revenue ranging from $3.25 billion to $3.35 billion. Wall Street's current consensus estimate is for a profit of 54 cents a share on revenue of $3.36 billion. The company sees non-GAAP earnings of $2.30 to $2.35 a share on revenue of $13.8 billion to $14.1 billion vs. the average analysts' view of $2.30 a share on revenue of $13.85 billion.
The stock was last quoted at $37.50, up 4.5%, on volume of 1.1 million, according to Nasdaq.com. Based on Wednesday's regular-session close at $35.87, the share are up 18% so far in 2012."The first quarter was a strong start to the year for us with momentum continuing in our Marketplaces, PayPal and GSI Commerce businesses," said John Donahoe, the company's president and CEO, in a statement. "We believe that innovation in retail today is technology driven, and consumers are embracing smarter, easier, better ways to shop. We are enabling commerce in this new retail environment, supporting and partnering with sellers of all sizes and giving consumers worldwide the ability to shop anytime, anywhere, for whatever they want." eBay highlighted the progress of its PayPal business, saying it ended the quarter with 109.8 million registered accounts, up 12% from last year, and that revenue from the unit jumped 32% because of "increased penetration on eBay as well as continued merchant and consumer adoption." Its Marketplaces business reported gross merchandise volume of $16 billion, excluding vehicle sales, in the first quarter, also a year-over-year increase of 12%. -- Written by Michael Baron in New York.
>To contact the writer of this article, click here: Michael Baron.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV