EBay Inc. profit topped analysts’ estimates in the face of slowing sales growth, showing the company can extract more from its millions of loyal buyers and sellers even if it struggles to attract many new customers.
EBay shares are up about 40% this year, more than double the benchmark S&P 500 Index. Wenig sees advertising and EBay’s new payments business as sources for revenue growth. Earlier this year, he rejected the idea of selling StubHub or other pieces of the company. Revenue rose 1.8% to $2.69 billion in the second quarter, in line with analysts estimates. Earnings, excluding some costs, were 68 cents per share in the quarter. Analysts estimated 62 cents, according to data compiled by Bloomberg.EBay raised its full-year profit forecast to a range of $2.70 to $2.75 per share. Wall Street expected $2.70 a share, on average.
EBay’s advertising sales soared more than 130% to $89 million in the second quarter. Over 6,000 merchants have opted into its growing payments platform as EBay unravels a long relationship with PayPal.
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