EBay Revenue Growth Misses Estimates; Stock Lower After Hours
SAN JOSE (CBS/AP) – EBay grew its earnings and revenue in the first quarter thanks to growth in its PayPal business and its e-commerce sites. But revenue fell shy of Wall Street’s expectations, causing investors to send the company’s stock lower in after-hours trading.
San Jose-based EBay Inc. said Wednesday that it earned $677 million, or 51 cents per share, in the January-March period. That’s up from $570 million, or 44 cents per share, in the same period a year earlier.
Adjusted earnings were 63 cents per share, up from last year’s 55 cents. Analysts were expecting 62 cents per share.
Revenue grew 14 percent to $3.75 billion, slightly below Wall Street’s expectations. Analysts polled by FactSet were anticipating $3.77 billion.
The company’s stock was down 2.6 percent after hours.
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