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Final Up to date: Feb. 27, 2024 at 8:49 p.m. ET
First Revealed: Feb. 27, 2024 at 4:21 p.m. ET
EBay Inc.’s inventory rose 3% in prolonged buying and selling Tuesday after the web market delivered quarterly outcomes that topped analysts’ estimates and issued stout steerage, assuaging for now issues over its short-term enterprise prospects.
The e-commerce firm hiked its dividend by two cents and introduced a $2 billion inventory repurchase program.
EBay…
EBay Inc.’s inventory rose 3% in prolonged buying and selling Tuesday after the web market delivered quarterly outcomes that topped analysts’ estimates and issued stout steerage, assuaging for now issues over its short-term enterprise prospects.
The e-commerce firm hiked its dividend by two cents and introduced a $2 billion inventory repurchase program.
EBay
EBAY
rang up fiscal fourth-quarter web earnings of $728 million, or $1.07 a share, in contrast with web earnings of $671 million, or $1.07 a share, in the identical quarter a yr in the past.
Income climbed to $2.56 billion from $2.51 billion within the year-ago quarter.
Analysts surveyed by FactSet had anticipated on common web earnings of $1.03 a share on income of $2.51 billion.
EBay supplied first-quarter gross sales steerage of $2.5 billion to $2.54 billion, whereas FactSet analysts are forecasting $2.53 billion.
Shares of eBay have declined 3% over the previous yr, whereas the broader S&P 500 index
SPX
has elevated 28%.
Analysts mentioned eBay’s fourth-quarter efficiency underscores a resilient e-commerce marketplace for customers regardless of their issues over the state of the economic system and competitors from Chinese language sellers, Amazon.com Inc.
AMZN
and Walmart Inc.
WMT
.
The outcomes come amid a tough patch for eBay. Final month, the corporate mentioned it planned to slash 9% of its workforce, or about 1,000 folks, within the face of a enterprise slowdown and “difficult” economic system, eBay Chief Govt Jamie Iannone mentioned in a blog post.
Iannone mentioned the dimensions of the corporate’s employees and its bills “have outpaced the expansion of our enterprise.” EBay can also be terminating its relationship with contractors.
