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Earnings Results: EBay stock slips as earnings outlook comes up short – Vested Daily

Earnings Results: EBay stock slips as earnings outlook comes up short

July 26, 2023

EBay Inc. shares fell in the extended session Wednesday after the online marketplace’s earnings outlook for the current quarter fell short of the Wall Street consensus following an earnings beat.

Shares of eBay
EBAY,
+1.01%
fell as much as 4.5% after hours, following a 1% rise to close the regular session at $48.80.

The San Jose, Calif.-based company forecast third-quarter adjusted earnings of 96 cents to $1.01 a share on revenue of $2.46 billion to $2.52 billion, while analysts had estimated $1.02 a share on revenue of $2.47 billion.

Meanwhile, eBay reported second-quarter net income of $171 million, or 32 cents a share, versus a $531 million loss, or 95 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were $1.03 a share, compared with 99 cents a share in the year-ago period.

Revenue rose to $2.54 billion from $2.42 billion in the year-ago period. Analysts surveyed by FactSet had estimated 99 cents a share on revenue of $2.51 billion.

This post was originally published on Market Watch