By Yasin Ebrahim
Investing.com - eBay (NASDAQ:EBAY) reported mixed second-quarter results on Wednesday as earnings topped, but revenue missed analysts' forecasts, while guidance on third-quarter revenue also fell short of Wall Street estimates.
eBay shares fell 1.1% in after-hours trade following the report.
eBay announced earnings per share of 99 cents on revenue of $2.67 billion. Analysts polled by Investing.com anticipated EPS of 96 on revenue of $3 billion.
Gross merchandise volume was $22.1 billion, down 7% on an as-reported basis and down 11% on an FX-Neutral basis.
"In Q2, on an apples-to-apples basis, all key business metrics met or exceeded expectations and revenue growth was driven by the acceleration in our payments migration and growth in advertising," said Jamie Iannone, chief executive officer at eBay.
The company approved an additional $3 billion of share repurchases after purchasing $1.5 billion of its shares during the second quarter.
Looking ahead to Q3, the company guided earnings per share in the range of 86 cents to 90 cents on revenue of $2.42 billion to $2.47 billion, compared with estimates for earnings of 92 cents a share on revenue of $2.89 billion.
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