News

EBay beats 4Q profit forecasts

SAN JOSE, Calif. – SAN JOSE, Calif. (AP) _ EBay Inc. (EBAY) on Wednesday reported fourth-quarter earnings of $477 million.

On a per-share basis, the San Jose, California-based company said it had profit of 40 cents. Earnings, adjusted for one-time gains and costs, were 50 cents per share.

The results topped Wall Street expectations. The average estimate of 29 analysts surveyed by Zacks Investment Research was for earnings of 49 cents per share.

The e-commerce company posted revenue of $2.32 billion in the period, matching Street forecasts.

For the year, the company reported profit of $1.73 billion, or $1.42 per share. Revenue was reported as $8.59 billion.

For the current quarter ending in April, eBay expects its per-share earnings to range from 43 cents to 45 cents.

The company said it expects revenue in the range of $2.05 billion to $2.1 billion for the fiscal first quarter. Analysts surveyed by Zacks had expected revenue of $2.16 billion.

EBay expects full-year earnings in the range of $1.82 to $1.87 per share, with revenue ranging from $8.5 billion to $8.8 billion.

EBay shares have decreased roughly 4 per cent since the beginning of the year, while the Standard & Poor’s 500 index has fallen roughly 8 per cent. In the final minutes of trading on Wednesday, shares hit $26.42, a drop of 52 per cent in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on EBAY at http://www.zacks.com/ap/EBAY

_____

Keywords: eBay, Earnings Report, Priority Earnings