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EBay 2Q Net Surges on Stronger PayPal Revenue

By Ben Fox Rubin EBay Inc.'s (EBAY) second-quarter profit soared as the e-commerce retailer continued to see strength in its PayPal payments business and a turnaround at its auction website. EBay projected third-quarter adjusted earnings between 53 cents and 55 cents a share on $3.3 billion to $3.4 billion in revenue. Analysts polled by Thomson Reuters most recently expected 55 cents and $3.42 billion, respectively. It also reaffirmed its full-year guidance. Shares were up 4.2% to $42.16 after hours. The stock last month hit a five-year high and is still up 33% so far this year through the close. While its revenue-growth rate has trailed that of rival Amazon.com Inc. (AMZN), eBay has seen positive signs from its turnaround efforts, as it has worked to remove clutter from its website, improve its search engine and promote fixed-price sales and free-shipping offers. The marketplaces segment--eBay's largest division--posted 9.1% higher revenue. Gross merchandise volume, the total value of goods sold on the website, grew 10%, excluding vehicle sales. PayPal, which is on track to become eBay's largest business, has made significant inroads in payments made via mobile devices and is moving into payments for brick-and-mortar stores, helping eBay tap into the larger network of sales at traditional retail locations. Revenue in the payments segment, which includes PayPal, continued to grow, posting a 26% increase. Overall, eBay reported a profit of $692 million, or 53 cents a share, up from $283 million, or 22 cents a share, a year earlier. Excluding stock-based compensation and other items, per-share earnings rose to 56 cents from 48 cents. Net revenue increased 23% to $3.4 billion. EBay's guidance in April called for a per-share adjusted profit between 53 cents and 55 cents with $3.25 billion to $3.35 billion in revenue. Gross margin narrowed to 71% from 72%. Write to Ben Fox Rubin at ben.rubin@dowjones.com Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Ebay Inc. (EBAY)
DateTimeHeadline
08/26/201618:41:17Statement of Changes in Beneficial Ownership (4)
08/26/201616:18:08Securities Registration: Employee Benefit Plan (s-8)
08/24/201619:48:10Statement of Changes in Beneficial Ownership (4)
08/22/201617:00:00StubHub Becomes Official Ticket Marketplace of Boston College...
08/12/201617:07:48Statement of Changes in Beneficial Ownership (4)
08/12/201617:03:49Amended Statement of Changes in Beneficial Ownership (4/a)
08/11/201610:10:00Bill Miller Buys Out Legg Mason's Interest in His Funds
08/03/201618:02:12Statement of Changes in Beneficial Ownership (4)
08/03/201617:52:20Statement of Changes in Beneficial Ownership (4)
08/03/201617:40:17Statement of Changes in Beneficial Ownership (4)
08/03/201612:00:00Karen Harvey Consulting Group Announces The 3rd Annual Fashion...
08/01/201603:02:00Pact With Visa Puts PayPal on Defensive -- WSJ
07/31/201623:10:00Pact With Visa Puts PayPal on Defensive
07/31/201621:28:00Pact With Visa Puts PayPal on Defensive
07/29/201609:00:00eBay Announces the Winners of Its First Annual SHINE Awards
07/29/201608:00:00eBay Partners With Designer Rachel Zoe to Culminate “Summer o...
07/27/201619:14:41Statement of Changes in Beneficial Ownership (4)
07/27/201619:07:40Statement of Changes in Beneficial Ownership (4)
07/27/201619:00:07Statement of Changes in Beneficial Ownership (4)
07/27/201618:41:26Statement of Changes in Beneficial Ownership (4)

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