EBay Inc. on Wednesday reported earnings that rose by 5.6 percent in its second quarter, and topped analysts’ expectations.
The San Jose, California-based company said net income increased to $676 million, or 53 cents per share, from $640 million, or 49 cents per share, in the same quarter a year ago.
Earnings, adjusted for one-time gains and costs, came to 69 cents per share. The average per-share estimate of analysts surveyed by Zacks Investment Research was for profit of 68 cents.
The e-commerce company said revenue climbed 13 percent, to $4.37 billion from $3.88 billion in the same quarter a year ago, and missed Wall Street forecasts. Analysts expected $4.38 billion, according to Zacks.
EBay shares have declined $4.16, or 7.6 percent, to $50.70 since the beginning of the year, while the Standard & Poor’s 500 index has risen 7.2 percent. The stock has dropped $6.68, or 12 percent, in the last 12 months.