eBay Shares Advance on In-Line Fourth-Quarter Results
|
Version 0 of 1. Shares of eBay ( EBAY) were climbing 8% to $32.65 in after-hours trading as the e-commerce company posted results for the fourth quarter of 2016 that largely met Wall Street's expectations. After the market close, eBay posted adjusted earnings of 54 cents per share, beating analysts' projections by a penny. Revenue came in at $2.39 billion, which matched analysts' estimates. Gross merchandise volume, or the value of all products sold on its platform, increased 5% year-over-year to $22.3 billion, but fell slightly below Wall Street's expected $22.4 billion. The San Jose, Calif.-based company said it added 2 million active customers across its entire platform, totaling 167 million active buyers, lower than analysts' projected 168 million. "Q4 was a record quarter highlighted by solid performance in our eBay business," said eBay CEO Devin Wenig in a statement. However, eBay's guidance for the first quarter of 2017 was light in comparison to analysts' expectations. eBay said it expects to report adjusted earnings of 46 cents to 48 cents per share, lower than Wall Street's predictions for adjusted earnings of 50 cents per share. Revenue is forecast to be in the range of $2.17 billion to $2.21 billion, while analysts are looking for $2.21 billion. |