eBay Inc. (NASDAQ: EBAY) beat market estimates on revenue and earnings for the second quarter of 2019, sending the stock soaring 5.8% in aftermarket hours on Wednesday.
Total revenues of $2.68 billion were up 2% from the same period last year and ahead of the consensus estimate of $2.67 billion. Revenues grew 4% on a foreign exchange (FX) neutral basis.
Net income was $402 million, or $0.46 per share, compared to $642 million, or $0.64 per share, in the prior-year period. Adjusted EPS from continuing operations totaled $0.68, beating forecasts of $0.62.
Global active buyers totaled 182 million, up 4% from last year. Gross merchandise volume (GMV) was $22.6 billion, down 4%.
The Marketplace platforms delivered $2.2 billion in revenue, up 1% on a reported basis compared to the prior-year quarter. GMV dropped 5% on a reported basis to $21.5 billion. StubHub platforms posted revenue of $264 million, up 7%, and GMV of $1.1 billion, up 5% on a reported basis. Classifieds platforms delivered revenue of $271 million, up 5% on a reported basis.
eBay’s payments platform achieved over $270 million of GMV in the quarter, which reflects a quarter-over-quarter increase of 24%. In addition, over 940,000 sellers leveraged the company’s first-party advertising to promote over 250 million listings, yielding $89 million in revenue, which reflects a growth of over 130% year-over-year on a FX-Neutral basis.
For the third quarter, eBay expects net revenue of $2.61 billion to $2.66 billion, reflecting organic FX-neutral growth of 1-3%. GAAP EPS from continuing operations is expected to be $0.40-0.44 while adjusted EPS from continuing operations is estimated to be $0.62-0.65.
For full-year 2019, the company expects net revenue of $10.75 billion to $10.83 billion, reflecting organic FX-neutral growth of 2-3%. GAAP EPS from continuing operations is expected to be $1.97-2.07 and adjusted EPS from continuing operations is estimated to be $2.70-2.75.
eBay reached an agreement to sell its flash sale German business brands4friends. The company is also reviewing the value of StubHub and Classifieds in its portfolio to determine its best options for enhancing shareholder value.
eBay declared a cash dividend of $0.14 per common share, payable on September 20, 2019 to shareholders of record as of September 3, 2019.
Broadcom Limited (NASDAQ: AVGO) reported first quarter 2021 earnings results today. Total revenue increased 14% year-over-year to $6.65 billion. GAAP net income was $1.3 billion, or $3.05 per share, compared
Retail giant Costco Wholesale Corporation (NASDAQ: COST) reported higher earnings and revenues for the second quarter of 2021. Earnings missed analysts’ expectations, while sales beat. Net profit was $951 million
With the corporate world rapidly shifting to cloud-native computing after the virus outbreak changed work culture and the way businesses operate, technology providers are aggressively innovating their offerings. Hewlett Packard