eBay (EBAY) Tops Q4 EPS Views; Payments Still Shows Strong Growth

January 16, 2013 4:29 PM EST Send to a Friend
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eBay (Nasdaq: EBAY) is ticking lower in late trading Wednesday following fourth-quarter 2012 results from the e-Commerce and payment solutions giant.

Revenue rose 18.1 percent to $3.99 billion, from $3.38 billion in the same period last year. Net income slipped 62 percent to $751 million, or 57 cents per share. After adjusting for one-time items, EPS was more robust at 70 cents per share.

Overall, the Street was looking for revs of $3.98 billion and EPS of 69 cents.

Payments revs rose 24 percent on a 24 percent increase in payment volume to $41.47 billion. That compares with growth of 26 percent and 20 percent in the last quarter, respectively, and 28 percent and 29 percent in the same period last year, respectively.

Marketplaces rose rose 16 percent with gross merchandise volume also up 16 percent in the period to $19.11 billion.

Adjusted operating margin slipped just 20 basis points to 28.5 percent, while overall operating margin fell 40 basis points to 21.9 percent.

""eBay mobile finished the year with $13 billion in volume - more than double the prior year - and PayPal mobile handled almost $14 billion in payment volume, more than triple the prior year," commented CEO John Donahoe. "In 2013, we expect each to exceed $20 billion."

Looking ahead, eBay sees first-quarter 2013 revs of $3.65 billion to $3.75 billion and EPS o 60 cents to 62 cents. The Street is modeling revs of $3.79 billion and EPS of 63 cents.

For fiscal 2013, revs should be about $16.0 billion to $16.5 billion with adjusted EPS of $2.70 to $2.75. Numbers compare with consensus views calling for revs of $16.3 billion and EPS of $2.74.

Shares are modestly lower, down about 0.5 percent in the late session.


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