EBay 1Q earnings grow but fall shy of expectations
EBay 1st-quarter earnings, revenue increase but fall slightly below Wall Street's expectations
NEW YORK (AP) -- EBay grew its earnings and revenue in the first quarter thanks to growth in its PayPal business and its e-commerce sites. But the results fell shy of Wall Street's expectations, causing investors to send the company's stock lower in after-hours trading.
EBay Inc. said Wednesday that it earned $677 million, or 51 cents per share, in the January-March period. That's up from $570 million, or 44 cents per share, in the same period a year earlier.
Adjusted earnings were 63 cents per share, up from last year's 55 cents but below the 65 cents analysts were expecting.
Revenue grew 14 percent to $3.75 billion, slightly below Wall Street's expectations. Analysts polled by FactSet were anticipating $3.77 billion.
The San Jose, California-based company's stock is down 2.6 percent after hours.
