NEW YORK (TheStreet) -- Shares of eBay (EBAY) are feeling the effects this morning of the first-quarter loss the company reported yesterday, whether warranted or not.
The stock was recently trading at $51.19, down 6%. During the past year, the stock has fallen 2.4%, compared with a gain of 23% for the Nasdaq Composite index.
Late Tuesday, eBay posted a $2.33 billion loss, but that was primarily the result of a $3 billion tax charge due to the repatriation of $9 billion in overseas cash. Excluding that, the company earned 70 cents per share, 3 pennies above the average estimate of analysts.
Revenue rose 14% to $4.26 billion, which was slightly above the $4.23 billion Wall Street estimates.
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