eBay Inc (NASDAQ:EBAY)'s second quarter profit topped expectations but shares of the ecommerce platform fell in after-hours trading as revenue for the period came in slightly below the Street’s forecast.
For the second quarter, eBay reported adjusted earnings per share (EPS) of $1.03, above the consensus estimate of $0.99 per Zacks Consensus Estimate.
Revenue of $2.5 billion was up 5% year-over-year and was within eBay’s guidance range but fell just short of the Street expectation of $2.51 billion.
eBay had projected adjusted EPS between $0.96 and $1.01 and revenue between $2.47 billion and $2.54 billion for 2Q.
Gross merchandise volume (GMV) was $18.2 million, down 2% on an as-reported basis.
Investors may also have been disappointed in the company’s third quarter outlook which did not project significant growth on the top or bottom line over the same period last year, or quarter-over-quarter.
eBay said it expects revenue between $2.46 and $2.52 billion and adjusted EPS between $0.96 and $1.01 for the upcoming quarter, compared to revenue of $2.4 billion and adjusted EPS of $1 in 3Q last year.
“2Q was another solid quarter for eBay,” eBay CFO Steve Priest said in a statement.
“Our GMV, revenue and EPS exceeded expectations, and came in at or above the high-end of our guidance ranges despite ongoing macroeconomic uncertainty.”
eBay shares had fallen 4.5% at US$46.59 after the closing bell on Wednesday.
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