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eBay Q3 GAAP EPS beats estimates

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eBay Q3 GAAP EPS beats estimates

eBay Inc.'s third-quarter diluted EPS on a GAAP basis came in at 48 cents, beating the S&P Capital IQ consensus of 33 cents, and up from 36 cents a year ago. It also lifted its full-year revenue forecast.

The company's EPS on a non-GAAP diluted basis for the quarter ended Sept. 30 came in at 48 cents, in line with the Capital IQ consensus for normalized EPS, and up from 45 cents a year ago.

Net income for the quarter on a GAAP basis came in at $523 million, above the Cap IQ consensus for $354.93 million, and up 25% from $418 million a year ago. Net profit on a non-GAAP basis from continuing operations came in at $514 million, lower than the Cap IQ consensus of $516.89 million, and up 1% from $509 million a year earlier.

eBay's shares were shedding 5.7% at about $35.77 in after-hours trade on the Nasdaq following the release of the third-quarter figures.

Revenue for the quarter grew to $2.41 billion from $2.22 billion in the prior-year period, up 9% on an as-reported basis and 8% excluding the impact of currency fluctuations. Gross merchandise volume grew 8% to $21.68 billion from $20.05 billion in the prior-year period.

Non-GAAP operating income was $713 million, above the $663 million eBay reported for the year-ago quarter.

eBay said it expects fiscal 2017 net revenue to come in between $9.53 billion and $9.57 billion, up from the range it gave in July of $9.3 billion to $9.5 billion.

The company also altered its EPS forecasts, lifting its guidance on a GAAP basis and narrowing the range for non-GAAP EPS.

eBay said it expects diluted EPS from continuing operations on a GAAP basis for the fiscal 2017 full year of between $1.85 and $1.90. In July, it forecast GAAP EPS of $1.65 to $1.75.

On a non-GAAP basis, the company expects EPS to come in between $1.99 and $2.01. In July, it forecast non-GAAP EPS of between $1.98 and $2.03.

For the fourth quarter ending Dec. 31, eBay said it expects net revenue on both a GAAP and non-GAAP basis to come in between $2.58 billion and $2.62 billion. The company also said it expects diluted EPS from continuing operations of between 40 and 45 cents on a GAAP basis and between 57 and 59 cents on a non-GAAP basis.