EBay Shares Rise After Earnings Beat

Ebay Inc. shares shot up late Monday as the online auction company reported first-quarter earnings above Wall Street expectations. EBay said it earned $482 million, or 41 cents a share, in the quarter, compared with 37 cents a share in the first quarter of 2015. Adjusted for one-time items, the company earned $550 million, or 47 cents a share, down from 48 cents a share in the year-ago period. Revenue reached $2.14 billion, up 4% from $2.06 billion a year ago, eBay said. Analysts polled by FactSet had expected adjusted earnings of 44 cents on sales of $2.08 billion. Shares rose 4% in late trading after ending the regular trading day up 1.1%.