EBay 2Q profit increases 5.6 percent to $676 million, beats forecast

Markets Associated Press

EBay Inc. (EBAY) on Wednesday reported earnings that rose by 5.6 percent in its second quarter, and topped analysts' expectations.

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The San Jose, California-based company said net income increased to $676 million, or 53 cents per share, from $640 million, or 49 cents per share, in the same quarter a year ago.

Earnings, adjusted for one-time gains and costs, came to 69 cents per share. The average per-share estimate of analysts surveyed by Zacks Investment Research was for profit of 68 cents.

The e-commerce company said revenue climbed 13 percent to $4.37 billion from $3.88 billion in the same quarter a year ago, and missed Wall Street forecasts. Analysts expected $4.38 billion, according to Zacks.

EBay shares have declined $4.16, or 7.6 percent, to $50.70 since the beginning of the year, while the Standard & Poor's 500 index has risen 7.2 percent. The stock has dropped $6.68, or 12 percent, in the last 12 months.

This story was generated automatically by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Full EBAY report: http://www.zacks.com/registration/pfp/?ALERT=ZER_LINK&adid=ASSOCPRESS_CONTENT_ZER&d_alert=rd_final_rank&t=EBAY

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Keywords:eBay,Earnings Report