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EBay Stock: Shares Active After Hours Following Latest Results

Online auction retailer sees adjusted earnings come in ahead of Wall Street estimates.
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Online auction site eBay Inc.  (EBAY) - Get eBay Inc. Report reported financial results for its latest quarter after the bell, Wednesday, topping analyst estimates as revenue rose 14% from the same period a year ago. 

The company reported non-GAAP earnings per share of 99 cents of revenue of $2.7 billion for the period ended June 30.

The company had been expected to report non-GAAP earnings of 96 cents a share, on sales of $2.63 billion, based on a FactSet survey of 26 analysts.

In the same period a year ago the company posted earnings of $1.08 a share on sales of $2.9 billion.

"On an apples-to-apples basis, all key business metrics met or exceeded expectations and revenue growth was driven by the acceleration in our payments migration and growth in advertising," said CEO Jamie Iannone in a statement.

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EBay offered third-quarter guidance for revenue of $2.42 billion to $2.47 billion and diluted non-GAAP earnings per share of 86 cents to 90 cents. 

In the upcoming quarter. analysts surveyed by FactSet are forecasting earnings of 88 cents a share, on sales of $2.49 billion.

Shares of eBay fell 96 cents, or 1.44%, to $67.04 in after-hours trading. The stock gained 1% in the regular session ahead of the report. 

In May, eBay moved to allow the buying and selling of non-fungible tokens, or NFTs, on its site.

At the time of its last quarterly results report in April, eBay shares fell on investor disappointment with the company’s guidance.

In June, eBay named Stephen J Priest as its chief financial officer. He previously served as CFO of JetBlue Airways  (JBLU) - Get JetBlue Airways Corporation Report.

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