SAN JOSE, Calif. (AP) _ EBay Inc. (EBAY) on Tuesday reported first-quarter earnings of $518 million.
On a per-share basis, the San Jose, California-based company said it had profit of 57 cents. Earnings, adjusted for one-time gains and costs, were 67 cents per share.
The results exceeded Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of 63 cents per share.
The e-commerce company posted revenue of $2.64 billion in the period, also surpassing Street forecasts. Ten analysts surveyed by Zacks expected $2.58 billion.
For the current quarter ending in July, eBay expects its per-share earnings to range from 61 cents to 63 cents.
The company said it expects revenue in the range of $2.64 billion to $2.69 billion for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $2.66 billion.
EBay expects full-year earnings in the range of $2.64 to $2.70 per share, with revenue ranging from $10.83 billion to $10.93 billion.
EBay shares have increased 30 per cent since the beginning of the year, while the Standard & Poor’s 500 index has increased 17 per cent. In the final minutes of trading on Tuesday, shares hit $36.62, a drop of 12 per cent in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on EBAY at https://www.zacks.com/ap/EBAY
The Associated Press
