SAN JOSE, Calif. (AP) _ EBay Inc. (EBAY) on Wednesday reported first-quarter earnings of $3.41 billion.
The San Jose, California-based company said it had net income of $4.51 per share. Earnings, adjusted for one-time gains and costs, were 77 cents per share.
The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 74 cents per share.
The e-commerce company posted revenue of $2.37 billion in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $2.34 billion.
For the current quarter ending in July, eBay expects its per-share earnings to range from 73 cents to 80 cents.
The company said it expects revenue in the range of $2.38 billion to $2.48 billion for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $2.66 billion.
EBay expects full-year earnings in the range of $3 to $3.10 per share, with revenue ranging from $9.56 billion to $9.76 billion.
EBay shares have increased nearly 9% since the beginning of the year, while the Standard & Poor’s 500 index has declined 9%. In the final minutes of trading on Wednesday, shares hit $39.34, a rise of almost 3% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on EBAY at https://www.zacks.com/ap/EBAY
The Associated Press