EBay Shares Soar Amid Earnings Beat, Further Stock Buybacks

By Markets MarketWatch Pulse

eBay Inc. shares jumped Wednesday afternoon after the e-commerce company announced a slight earnings beat and additional stock repurchases. eBay reported net income of $437 million, or 38 cents a share, on revenue of $2.23 billion; after adjustments for stock-based compensation and other factors, the company claimed profit of 43 cents a share. Analysts on average expected eBay to report adjusted profit of 42 cents a share on revenue of $2.17 billion, according to FactSet. eBay also said it would extend a stock-repurchase plan, with the board approving an additional $2.5 billion in buybacks. Shares gained about 6% in late trading after closing with a 1.9% gain at $26.99.

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