eBay Shares Climb on Q3 Higher Earnings

Its outlook for the current quarter was in line with expectations

By Christopher Freeburn, InvestorPlace Writer


eBay (NASDAQ:EBAY) announced on Thursday that it earned $597 million during the third quarter, up 22% from $491 million in the same period last year. Adjusted EPS came in at 55 cents, narrowly topping the 54 cents that Wall Street was looking for, the Associated Press noted.

The Internet auction giant recorded quarterly revenue of $3.4 billion, up 15% from $2.97 billion in 2011. Analysts had forecast revenue of $3.41 billion.

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Shares of eBay rose about 4% in Thursday morning trading.

The company projected current quarter earnings of between 66 cents and 69 cents a share on revenue of between $3.85 billion and $4 billion. That forecast is in line with analysts who anticipate earnings of 68 cents a share on revenue of $3.95 billion.

Company officials said that eBay continues to see rising mobile sales and online payments through its PayPal division.

Earlier this week, reports circulated that the PayPal unit could see up to 400 job cuts in coming weeks as the company moves to trim expenses and restructure operations to maintain its agility in the fast-paced mobile payments marketplace.

Article printed from InvestorPlace Media, https://investorplace.com/2012/10/ebay-shares-climb-on-q3-higher-earnings/.

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