eBay (NASDAQ:EBAY) posted its latest quarterly earnings results late today, bringing in results that were stronger than what analysts projected on the revenue side of things, fueling EBAY stock after hours Tuesday.
The San Jose, Calif.-based online marketplace said that for its first quarter of its fiscal 2019, it brought in net revenue of $2.64 billion, which marked a 2.4% gain when compared to its sales during its first quarter of 2018. The figure was stronger than the Wall Street revenue guidance of $2.58 billion, according to data compiled by Refinitiv.
The increase in revenue comes as eBay has been in the midst of a multi-year effort to improve the user-friendliness of its e-commerce platforms in order to bring in more customers. The business added that its net income for the period tallied up to $518 million, or 57 cents per share, a 27.3% increase when compared to the same period in 2018, when it amassed a profit of $407 million, or 40 cents per share.
The company also announced a review of its StubHub and eBay Classifieds businesses in March, adding that it will appoint two new directors to its board as it seeks to ease pressure from activist investors.
EBAY stock is surging about 5.9% after the bell Tuesday off the heels of a strong quarterly performance that included an earnings beat. Shares had been up about 1.4% during regular trading hours in anticipation of the company’s results.