EBay Inc. exceeded expectations with its fiscal results Wednesday but its shares fell 6.3% successful after-hours trading aft the company’s forecast for the vacation play came up short.
The institution posted third-quarter income from continuing operations of $283 million, oregon 43 cents a share, down from $605 million, oregon 86 cents a share, successful the year-prior quarter. After adjusting for stock-compensation and different expenses, eBay EBAY, -1.07% earned 90 cents a share, up from 85 cents a stock a twelvemonth earlier and conscionable up of the FactSet consensus, which called for 89 cents a share.
Revenue roseate to $2.50 cardinal from $2.26 billion, portion analysts were expecting $2.46 billion.
EBay reported gross merchandise measurement (GMV) of $19.5 billion, down 10% from a twelvemonth anterior and down 12% erstwhile excluding foreign-exchange impacts. Analysts expected $19.1 cardinal successful GMV, which measures the worth of transactions completed connected the platform.
The institution continues to marque advancement with its managed-payments inaugural arsenic it looks to have greater power implicit the payments process connected its platform. During the 3rd quarter, eBay saw much than 90% of its planetary on-platform measurement instrumentality spot done its managed-payments offering, up from 71% successful the 2nd quarter. More than 18 cardinal sellers person migrated implicit to managed payments.
EBay’s Promoted Listings offering generated $207 cardinal successful gross during the period, up 12% from a twelvemonth earlier and up 9% erstwhile excluding currency impacts.
“Our Q3 results, driven by the adjacent completion of our managed payments migration, enlargement of our advertizing portfolio, and measurement maturation successful our absorption categories, show that our strategical playbook continues to work,” Chief Executive Jamie Iannone said successful a statement.
For the 4th quarter, eBay expects $2.57 cardinal to $2.62 cardinal successful gross and 97 cents to $1.01 successful adjusted net per share. The FactSet statement calls for $2.65 cardinal successful gross and $1.00 successful adjusted EPS.
Shares of eBay person risen 7.4% implicit the past 3 months arsenic the S&P 500 SPX, -0.51% has gained 3.4%.