eBay Inc (NASDAQ:EBAY) shares jumped in after-hours trading with the multinational eCommerce company’s earnings again topping expectations in the first quarter.
For the quarter ended March 31, 2023, eBay posted a profit of $600 million or adjusted earnings per share of $1.11, above the Street’s expectation of $1.07 and eBay’s guidance range of $1.05 to $1.09.
Revenue rose 1% on an as-reported basis to $2.5 billion, slightly above the $2.48 billion expected by analysts and on the high end of the company’s guidance range of $2.46 billion to $2.5 billion.
“This is a solid start to the year as we've exceeded expectations on our key financial and operating commitments while making significant progress against our long-term objectives," said eBay CEO Jamie Iannone in a statement.
"We saw strength in our focus categories, which once again outpaced the rest of the marketplace. And the combination of eBay's vast data and AI expertise are accelerating innovation on the platform."
During the first quarter, eBay returned $384 million to shareholders, including $250 million in share repurchases and $134 million in cash dividends.
Amid speculation that eBay may again raise its dividend this quarter, eBay said it is keeping its dividend rate unchanged at $0.25 per share, payable on June 16, 2023, to stockholders of record as of June 1, 2023.
For the second quarter, it forecast revenue of between $2.47 billion and $2.54 billion and adjusted earnings per share between $0.96 and $1.01.
eBay shares had added 6.2% at US$46.06 shortly after the release of its earnings.
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