eBay posted its second quarter earnings that surpassed analysts' expectations, even as revenue missed estimates.
The e-commerce company’s earnings came in at 99 cents a share, compared to the 96 cents expected by analysts polled by Investing.com.
Revenue of $2.67 billion fell short of analysts expectation of $3 billion. Gross merchandise volume was $22.1 billion in the quarter, down -7% on an as-reported basis and down -11% on an FX-Neutral basis.
For the third quarter, the company projects earnings per share in the range of 86 cents to 90 cents on revenue of $2.42 billion to $2.47 billion, compared with analysts’ forecasts of 92 cents a share on revenue of $2.89 billion.
The company announced an additional $3 billion of share buyback program, following purchase of $1.5 billion of its shares during the second quarter.