NEW YORK (

TheStreet

) --

eBay

(EBAY) - Get eBay Inc. Report

reported better-than-expected profit and revenue in the first quarter.

During the three-month period, the e-commerce giant earned 47 cents a share on an adjusted basis on revenue of $2.5 billion. Analysts were calling for a profit of 46 cents a share on revenue of $2.48 billion.

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eBay previously forecast first-quarter adjusted earnings of 44 cents to 46 cents per share on $2.4 billion to $2.5 billion in revenue.

The company's marketplace division posted an 8% increase in gross merchandise volume to $14.5 billion, while revenue from the division rose 12% to $1.55 billion. PayPal's revenue jumped 23% to $992 million.

Looking ahead, management forecasts second-quarter earnings between 45 cents and 46 cents a share, in-line with analysts' estimates.

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Shares of eBay were trading lower immediately following the report, down nearly 3% in after-market trading.

--Written by Jeanine Poggi in New York.

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