EBay Inc. Beats Q3 But Cuts Outlook

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EBay Inc.
EBAY
beat third-quarter expectations but offered a disappointing outlook that sent its shares ticking down slightly in the after-hours session Wednesday. Shares traded recently at $49.70, down 1 percent. The San Jose, Calif.-based e-commerce company forecast fourth-quarter earnings of $0.88 cents to $0.91 cents a share, on revenue of $4.85 billion to $4.95 billion. Wall Street expects $0.91 cents a share, on revenue of $5.16 billion. EBay cut its 2014 revenue outlook to between $17.85 billion to $17.95 billion and earnings at the low end of a range between $2.95 and $3 a share. Wall Street's current expectation for earnings of $2.97 a share on revenue of $18.15 billion. The company recently unveiled plans to spin off its PayPal unit and Chief Executive John J. Donahue III told investors Wednesday that shifting competition in e-commerce "underscore the opportunities for eBay and PayPal" as independent companies. PayPal's net revenue grew 20 percent to $1.95 billion while eBay's Marketplace revenue grew 6 percent to $2.16 billion. Enterprise revenue was up 3 percent to $259 million. Consolidated net income grew 2 percent to $673 or $0.54 cents a share, from $689 million, or $0.53 cents a share, in the year-earlier period. Adjusted earnings were $0.68 cents a share. Consolidated revenue grew 12 percent to $4.35 million, from $3.89 million last year. Wall Street expected $0.67 cents a share on revenue of $4.37 billion.
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Posted In: EarningsNewsGuidance
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