EBay: 1Q Earnings Snapshot

SAN JOSE, Calif. (AP) — EBay Inc. (EBAY) on Wednesday reported first-quarter earnings of $407 million.

The San Jose, California-based company said it had profit of 40 cents per share. Earnings, adjusted for one-time gains and costs, were 53 cents per share.

The results met Wall Street expectations. The average estimate of 15 analysts surveyed by Zacks Investment Research was also for earnings of 53 cents per share.

The e-commerce company posted revenue of $2.58 billion in the period, missing Street forecasts. Eleven analysts surveyed by Zacks expected $2.6 billion.

For the current quarter ending in July, eBay expects its per-share earnings to range from 50 cents to 52 cents.

The company said it expects revenue in the range of $2.64 billion to $2.68 billion for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $2.68 billion.

EBay expects full-year earnings in the range of $2.25 to $2.30 per share, with revenue ranging from $10.9 billion to $11.1 billion.

EBay shares have climbed nearly 9 per cent since the beginning of the year, while the Standard & Poor’s 500 index has decreased slightly more than 1 per cent. In the final minutes of trading on Wednesday, shares hit $40.97, a climb of 25 per cent in the last 12 months.

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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