EBay Inc. (EBAY - Get Report) reported earnings of 56 cents per share on revenue of $2.6 billion after the closing bell Tuesday, October 30, sending the stock rising nearly 3% Wednesday. 

Analysts were expecting eBay to report earnings of 55 cents per share on revenue of $2.65 billion. 

"This quarter we continued to make foundational investments to improve the long-term competitiveness of our marketplace while setting the stage for significant growth opportunities," said Devin Wenig, President and CEO of eBay Inc. "We will continue to innovate the customer experience while executing our growth initiatives in Payments and Advertising to position eBay for future success."

The e-retail company has had a rough year of trading, falling nearly 30% year to date, including a 17% drop over the past four weeks. 

Former parent company PayPal Inc. (PYPL - Get Report) has put negative pressure on the company as it has reduced its reliance on eBay in recent quarters. Last week, PayPal reported that eBay accounted for 11% of PayPal's total payment volume, which was down from the 13% it accounted for a year ago. 

EBay is in the process of cultivating its own payment system for customers internally by 2023. The company has a significant stake in payment system Adyen, which could grow to become a rival of PayPal's. 

Adyen already handles payments for Facebook Inc. (FB - Get Report) , Netflix Inc. (NFLX - Get Report) , and Spotify Technology S.A. (SPOT

EBay closed Tuesday's session up 2.24% and fell more than 4% after hours. 

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