NEW YORK (TheStreet) -- eBay (EBAY) - Get Report stock is down by 12.57% to $23.10 in mid-morning trading on Thursday, after the technology company provided lower-than-expected 2016 first quarter guidance. 

After the market close on Wednesday, eBay reported earnings of 50 cents a share on revenue of $2.32 billion, which was in-line with analysts' forecasts. 

The company projected 2016 first quarter earnings between 43 cents per share and 45 cents per share, while analysts were expecting earnings of 48 cents per share.

Additionally, eBay is expecting revenue between $2.05 billion and $2.10 billion during the first quarter, compared to analysts' forecasts for revenue of $2.15 billion. 

"eBay closed the year with a good quarter as the business continues to stabilize, but guidance came in soft," Jefferies said in a note. "Despite progress in key strategic initiatives, more time is needed before any expected benefits materialize in operating results."

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The firm lowered its price target on the stock to $25 from $28.

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