eBay Q1 Beats Street, but Guidance Underwhelms
EBay’s first-quarter earnings came in slightly ahead of analyst expectations, but the stock was down nearly four percent in after-hours trading on disappointing guidance.
The company recorded earnings per share, excluding some items, of 70 cents in the first quarter on revenue of $4.26 billion. Analysts had been expecting earnings per share of about 67 cents on $4.23 billion in revenue.
Looking ahead, though, eBay forecast second-quarter earnings of 67 cents to 69 cents, excluding some items, compared to analyst expectations of 70 cents.
EBay also said it planned to move $6 billion of overseas profits back to the U.S. If and when it does so, the company will pay approximately $3 billion in taxes.
The company repurchased $1.8 billion of common stock in the first quarter, leaving $3.8 billion of the approved stock repurchase plan remaining.
I’ll be updating this post during and after the company’s call with analysts.