EBay shares drop 4% on Q2 earnings, revenue
EBay Inc. shares were initially up 2% in after-hours trading Tuesday before dropping to -4% after the e-commerce company reported fiscal second-quarter results roughly in line with Wall Street estimates. EBay reported net income of $740 million, or $1.04 a share, compared with net income of $402 million, or 46 cents a share, in the year-ago quarter. After adjusting for stock-based compensation and other factors, EBay reported net income of $770 million, or $1.08 a share, compared with $589 million, or 68 cents a share a year ago. Revenue improved 18% to $2.87 billion from $2.69 billion a year ago. Analysts surveyed by FactSet had expected adjusted net income of 79 cents a share on sales of $2.8 billion. EBay's shares have improved 56% this year. The broader S&P 500 index is up 0.4% in 2020.
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