EBay beats Street 1Q forecasts

SAN JOSE, Calif. (AP) _ EBay Inc. (EBAY) on Tuesday reported first-quarter net income of $482 million.

The San Jose, California-based company said it had profit of 41 cents per share. Earnings, adjusted for one-time gains and costs, were 47 cents per share.

The results topped Wall Street expectations. The average estimate of 31 analysts surveyed by Zacks Investment Research was for earnings of 45 cents per share.

The e-commerce company posted revenue of $2.14 billion in the period, also exceeding Street forecasts. Thirty-two analysts surveyed by Zacks expected $2.08 billion.

For the current quarter ending in July, eBay expects its per-share earnings to range from 40 cents to 42 cents.

The company said it expects revenue in the range of $2.14 billion to $2.19 billion for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $2.14 billion.

EBay expects full-year revenue in the range of $8.6 billion to $8.8 billion.

EBay shares have fallen 11 per cent since the beginning of the year, while the Standard & Poor’s 500 index has climbed slightly more than 2 per cent.

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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

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