EBay Board Approves $3.0 Bln Stock Buyback; Issues Guidance - Quick Facts

(RTTNews) - eBay Inc. (EBAY) announced, in July 2017, the company's board authorized an additional $3.0 billion stock repurchase program, with no expiration from the date of authorization. The company's stock repurchase program is intended to programmatically offset the impact of dilution from its equity compensation programs and, subject to market conditions and other factors, to make opportunistic repurchases of its common stock to reduce its outstanding share count.

During the second-quarter, eBay delivered GAAP net income from continuing operations of $27 million, or $0.02 per share, which was negatively impacted by a non-cash income tax charge of $311 million related to the ongoing realignment of its legal structure. Non-GAAP net income from continuing operations was $493 million, or $0.45 per share.

The company delivered gross merchandise volume for the quarter ended June 30, 2017 of $21.5 billion, increasing 3% on an as-reported basis and 5% on a foreign exchange (FX) neutral basis. Revenue for the quarter was $2.3 billion, up 4% on an as-reported basis and 7% on an FX-Neutral basis.

For full year 2017, the company expects net revenue between $9.3 billion and $9.5 billion, representing Organic FX-Neutral growth of 6% - 8%, with non-GAAP earnings per share from continuing operations in the range of $1.98 - $2.03.

For third quarter 2017, the company expects net revenue between $2.35 billion and $2.39 billion, representing Organic FX-Neutral growth of 6% - 8%, with non-GAAP earnings per share from continuing operations in the range of $0.46 - $0.48.