EBay Lower As Q2 Earnings, Sales In Line With Forecast

Shares of eBay Inc. fell more than 4% late Thursday after the online auction company reported second-quarter earnings and sales in line with Wall Street expectations. EBay reported a net income from continuing operations of $27 million, or 2 cents a share, compared with $437 million, or 38 cents a share, in the year-ago period. Adjusted for one-time items, eBay earned $493 million, or 45 cents a share, compared with 43 cents a share a year ago. Revenue reached $2.3 billion, compared with $2.2 billion in the second quarter of 2016. The company said it expects third-quarter net revenue between $2.35 billion and $2.39 billion and adjusted per-share earnings from continuing operations in the range of 46 cents to 48 cents. The analysts surveyed by FactSet expect third-quarter per-share earnings of 48 cents a share on sales of $2.32 billion. EBay also said it expects net revenue between $9.3 billion and $9.5 billion for the year, with non-GAAP per-share earnings from continuing operations in the range of $1.98 to $2.03. The same analysts forecast per-share earnings of $2 on sales of $9.4 billion for 2017.