eBay (EBAY) Shares Lower Despite Strong Earnings, PayPal Numbers; Issues Weak Outlook
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Shares of eBay (Nasdaq: EBAY) are trading lower late Wednesday following inline third-quarter earnings but weaker-than-expected guidance.
Revenue increased 32 percent from $2.249 billion in the same quarter last year to $2.966 billion, above consensus views calling for $2.91 billion in revs.
Net income increased 13.6 percent from $431.93 million in the third quarter of 2010 to $490.50 million, or 37 cents per diluted share. Excluding items like stock-based compensation and restructuring charges, earnings were a more robust 48 cents per share, right inline with consensus views.
PayPal active registered users increased 14 percent to $103 million. PayPal's net total payment volume grew 31 percent to $29.3 billion.
Marketplace gross merchandise volume (GMV) excluding vehicles increased by 16 percent year over year to $14.7 billion. In the U.S., GMV increased 14 percent year over year, excluding vehicles. For International, GMV excluding vehicles increased 18 percent year over year to $9.1 billion.
Looking ahead, eBay sees fourth-quarter net revs of $3.20 to $3.35 billion and non-GAAP EPS of 55 to 58 cents per share. The Street is currently looking for revs of $3.3 billion and EPS of 58 cents.
Fiscal 2011 revenue expected to be $11.50 to $11.60 billion, while non-GAAP EPS was raised from $1.97 to $2.00 to a range of $1.98 to $2.01. Consensus views call for revs of $11.51 billion and earnings of $2.00 per share.
eBay shares are 4 percent lower in post-market trading.
Revenue increased 32 percent from $2.249 billion in the same quarter last year to $2.966 billion, above consensus views calling for $2.91 billion in revs.
Net income increased 13.6 percent from $431.93 million in the third quarter of 2010 to $490.50 million, or 37 cents per diluted share. Excluding items like stock-based compensation and restructuring charges, earnings were a more robust 48 cents per share, right inline with consensus views.
PayPal active registered users increased 14 percent to $103 million. PayPal's net total payment volume grew 31 percent to $29.3 billion.
Marketplace gross merchandise volume (GMV) excluding vehicles increased by 16 percent year over year to $14.7 billion. In the U.S., GMV increased 14 percent year over year, excluding vehicles. For International, GMV excluding vehicles increased 18 percent year over year to $9.1 billion.
Looking ahead, eBay sees fourth-quarter net revs of $3.20 to $3.35 billion and non-GAAP EPS of 55 to 58 cents per share. The Street is currently looking for revs of $3.3 billion and EPS of 58 cents.
Fiscal 2011 revenue expected to be $11.50 to $11.60 billion, while non-GAAP EPS was raised from $1.97 to $2.00 to a range of $1.98 to $2.01. Consensus views call for revs of $11.51 billion and earnings of $2.00 per share.
eBay shares are 4 percent lower in post-market trading.
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