: EBay stock jumps 4% as company swings to quarterly profit
Shares of eBay Inc. EBAY rallied more than 4% in the extended session Wednesday after the company swung to a quarterly profit and met Wall Street expectations for its sales. EBay earned $569 million, or $1.05 a share, in the first quarter, contrasting with a loss of $1.4 billion, or $2.28 a share, in the year-ago period. Adjusted for one-time items, eBay earned $1.11 a share. Revenue rose 1% to $2.5 billion. Analysts polled by FactSet expected eBay to report adjusted EPS of $1.07 a share on revenue of $2.5 billion. “This is a solid start to the year as we’ve exceeded expectations on our key financial and operating commitments while making significant progress against our long-term objectives,” Chief Executive Jamie Iannone said in a statement. The company guided for second-quarter revenue between $2.47 billion and $2.54 billion, which would represent on-year growth between 1% and 4%, and EPS between 96 cents and $1.01. The analysts surveyed by FactSet forecast second-quarter adjusted EPS of 99 cents on revenue of $2.49 billion. Shares of eBay ended the regular trading day down 1.5%.
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