EBay’s quarterly earnings slightly beat estimates
Global online marketplace eBay barely beat analyst estimates, delivering earnings of US56 cents per share, while analysts expected US54 cents per share.
Net income rose 38 per cent year-on-year to US$720 million ($1.01 billion) for the quarter ending September 30, while active buyers grew 4 per cent across its platforms.
EBay revenue reached US$2.6 billion ($3.65 billion), a 6 per cent increase on an as-reported basis, primarily driven by a gross merchandise volume of US$22.7 billion ($31.9 billion).
“This quarter we continued to make foundational investments to improve the long-term competitiveness of our marketplace while setting the stage for significant growth opportunities,” eBay president and chief executive Devin Wenig said.
During the quarter the business began accepting Apple Pay as part of its revised payment experience, with approximately 12 per cent of iOS transactions having been made with Apple Pay during the period.
EBay also expressed interest in the acquisition of UK-based classifieds site Motors.co.uk, which would join Gumtree UK and eBay Motors UK to assist UK car dealers increase leads and offer more choice.
Looking forward, the company is expecting net revenue of US$2.85-$2.89 billion ($4.01-$4.06 billion) in the fourth quarter of 2018, leading to a net revenue of between US$10.72 – $10.76 billion ($15.07-$15.12 billion)for the 2018 financial year, representing a growth of approximately 6 per cent.