Shares of eBay (EBAY) - Get Report are up more than 11% Thursday, following the company's second-quarter earnings release. 

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The stock's spike begs the question of whether eBay is overpriced. Should investors buy the stock, or are there better growth opportunities

The online marketplace reported revenue of $2.23 billion, up from $2.11 billion during the same quarter last year and higher than the $2.17 billion analysts were expecting. The 6% increase in net revenue wasn't enough to boost net income year over year, as eBay posted a 4% decline from $517 million last year to $496 million this year.

The company forecast third-quarter revenue of $2.16 billion to $2.19 billion, whereas the analysts' consensus stands at $2.14 billion. The company also predicts third-quarter earnings minus items of 42 cents and 44 cents, compared with the street's consensus of 44 cents.

For the full year, eBay forecast revenue of $8.85 billion to $8.95 billion, above analysts' consensus estimate of $8.8 billion. And the company expects earnings per share of between $1.85 and $1.90, compared with the consensus forecast of $1.86.

But due to lower share count, eBay purchased 20.8 million shares during the quarter for $500 million, and because of a lower effective tax rate, the company was still able to report higher earnings per share, compared with last year. For the quarter, eBay reported earnings, minus items of 43 cents a share, versus the consensus estimate of 42 cents.

Many investors didn't believe eBay would perform well after splitting off PayPal, but the split has given the company the opportunity to put more focus on its namesake platform to help drive growth, which even this past quarter was anemic at 1%.

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EBay's Stubhub unit is the fastest-growing division, with net revenue increasing 40%. Next is eBay's classifieds business, which saw 15% revenue growth.

Overall this past quarter was good for the company and the future looks better than expected, but the 1% growth in its marketplace is terrible when considering how fast e-commerce as a whole is growing.

If eBay wants to survive against competition such as Alibaba Amazon.com,Walmart and WayFair it needs to increase marketplace revenue at a much faster rate.

Invest in eBay with caution and watch marketplace growth rates in the coming quarters closely. If they don't begin to increase at a meaningful rate, move on to better e-commerce options.

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This article is commentary by an independent contributor. At the time of publication, the author held positions in Amazon, eBay and PayPal.