Justin Sullivan/Getty Images News
E-commerce giant eBay (NASDAQ:EBAY) provided a better-than-expected forecast for the current quarter and delivered a double beat in its second-quarter earnings report, which sent its shares up nearly 10% in post-market trading on Wednesday.
For the third quarter, the company expects net revenue between $2.69B and $2.74B, ahead of the Bloomberg consensus estimate of $2.65B, and non-GAAP earnings per share of $1.29 to $1.34 (mid. $1.32, est. $1.30).
“Our momentum reflects the strength of our strategic execution and the resilience of our marketplace. We remain focused on driving long-term growth and creating lasting value for our shareholders,” CEO Jamie Iannone said.
In Q2, gross merchandise volume was $19.51B, up 6% on an as-reported basis, and ahead of the consensus estimate of $18.88B.
U.S. GMV was $9.43B, up 7.2%, and international GMV was $10.09B, up 4.8% from last year. Both were ahead of the consensus estimates of $8.96B and $9.94B, respectively.
Active buyers—buyers who paid for a transaction on the company’s marketplace platforms in the past 12 months—were up 1.5% from last year at 134M, marginally below the 134.42M estimate.
Net income for the quarter was $369M, or $0.79 per share, compared to $226M, or $0.45 per share, for the same period last year.
Excluding one-time items, earnings per share from continuing operations was $1.37, beating the average analyst expectation by 7 cents.
Net revenue was up 5% at $2.73B and topped estimates of $2.64B.
eBay also declared a Q3 cash dividend of $0.29 per share, payable on September 12, to stockholders of record as of August 29.