E-commerce giant eBay Inc. reported third-quarter earnings Oct. 23 that beat analysts' expectations and raised its full-year non-GAAP EPS outlook.
For the quarter ending Sept. 30, the online marketplace reported non-GAAP EPS from continuing operations of 67 cents. The figure surpassed the S&P Global Market Intelligence mean consensus estimate for normalized EPS of 64 cents.
Non-GAAP net income from continuing operations was $563 million, beating the Market Intelligence estimate for net income excluding exceptions of $541.8 million.
The California-based company now expects its full-year non-GAAP EPS to range between $2.75 and $2.78, up from its previous guidance of $2.70 to $2.75.
The company also expects revenue for the full year to reach between $10.75 billion and $10.80 billion, versus previous expectations of $10.75 billion to $10.83 billion.
The company reported third-quarter revenue of $2.65 billion, flat from the year-ago quarter and in line with analysts' expectations, according to Market Intelligence.
Scott Schenkel, interim CEO of eBay since former CEO David Wenig resigned in September, said the company "performed in line with expectations" during the quarter.
In the third quarter, eBay grew active buyers by 4% across its platforms, for a total of 183 million global active buyers.
Gross merchandise volume came in at $21.72 billion, down 4% on an as-reported basis and down 2% on a currency-neutral basis from $22.72 billion in the year-ago period.
The company also spent $1 billion on share repurchases and paid $115 million in cash dividends to shareholders. Ebay's board also declared a 14-cent dividend per share of the company's common stock, payable Dec. 20 to shareholders of record as of Dec. 2.
Earlier this year, eBay launched a strategic review of both its StubHub and Classifieds businesses amid pressure from activist investors Elliott Management Corp. and Starboard Value LP
The company said it continues to review the role and value of StubHub and Classifieds in its portfolio and anticipates sharing an update on the StubHub business before the company's next earnings release.
Shares of eBay were down about 2.6% to $38.19 in after-hours trading.