reported sharply lower first-quarter profit, despite a 10% increase in revenue.
The electronic commerce company earned $374.5 million, or 47 cents a share, down 23% from the $483.5 million, or 61 cents a share, it notched in the year-ago period. Income from continuing operations fell 22% from $479.9 a year ago. Revenue rose 10% to $2.48 billion.
Integration expenses related to its Concord transaction impacted EPS by 3 cents a share.
Analysts had been expecting earnings of 50 cents a share on revenue of $2.55 billion.
The Denver-based company, which provides credit card, bill payment and money transfer services, said it remains confident about delivering full-year EPS within its stated range with "EPS growth rates accelerating in the second half of the year."
Shares close at $39.00 Wednesday.