SAN JOSE (AP) — Shares of eBay Inc. rose on Tuesday after the e-commerce company reported better-than-expected quarterly results.
EBay has been focusing on its marketplace business after spinning off its payment arm PayPal in July.
CEO Devin Wenig said the company is making progress to “ensure our buyers have the best choice of products and a simple, personalized shopping experience.”
The San Jose, California-based company said it had profit of $482 million, or 41 cents per share. Earnings, adjusted for one-time gains and costs, were 47 cents per share.
The results topped Wall Street expectations. The average estimate of 31 analysts surveyed by Zacks Investment Research was for adjusted earnings of 45 cents per share.
The e-commerce company posted revenue of $2.14 billion in the period, also exceeding Street forecasts. Thirty-two analysts surveyed by Zacks expected $2.08 billion.
For the current quarter ending in July, eBay expects its per-share earnings to range from 40 cents to 42 cents.
The company said it expects revenue in the range of $2.14 billion to $2.19 billion for the fiscal second quarter.
Analysts surveyed by Zacks had expected revenue of $2.14 billion.
EBay expects full-year revenue in the range of $8.6 billion to $8.8 billion.
EBay shares have fallen 11 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed slightly more than 2 percent.
Its shares gained back 56 cents, or 2.3 percent, to reach $25.05 in aftermarket trading following the release of the earnings report.