FMP
Oct 31, 2024 3:41 PM - Davit Kirakosyan
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eBay (NASDAQ:EBAY) reported third-quarter earnings that slightly topped analyst expectations, but shares dropped over 8% intra-day on Thursday due to underwhelming guidance for the upcoming holiday season.
For Q3, eBay posted adjusted earnings per share of $1.19, just above the expected $1.18. Revenue reached $2.6 billion, exceeding the $2.55 billion consensus and marking a 3% year-over-year increase.
However, eBay’s fourth-quarter forecast disappointed Wall Street. The company projected Q4 earnings per share between $1.17 and $1.22, below the Street estimate of $1.22, and revenue guidance of $2.53 to $2.59 billion, missing the forecasted $2.649 billion.
Gross Merchandise Volume (GMV) grew 2% year-over-year to $18.3 billion, with first-party advertising revenue up 15% to $396 million, showing continued strength in eBay's ad business. Despite these gains, concerns over slower-than-expected growth in the critical holiday quarter pressured eBay’s stock.
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