EBay Turns To Loss In Q2; Revenue Down 9%

(RTTNews) - E-commerce company eBay Inc. (EBAY) on Wednesday posted second-quarter net loss of $531 million or $0.95 per share, compared to net income of $10.7 billion or $15.8 per share in the same period last year. On average, 22 analysts polled by Thomson Reuters expected the company to post earnings of $0.89 per share in the quarter. Analysts' estimates, usually, exclude one-time items.

Quarterly revenues declined 9 percent to $2.4 billion from $2.6 billion a year ago, while 25 analysts were looking for revenues of $2.3 billion for the three-month period.

Looking ahead, in the third quarter, the company expects earnings per share between $0.63 and $0.69. On an adjusted basis, earnings is expected between $0.89 and $0.95 per share on revenues in the range of $2.29 billion and $2.37 billion. On average, 20 analysts expect the company to post earnings of $0.89 per share on revenues of $2.37 billion in the third quarter.

Looking ahead, in fiscal 2023, the company expects loss per share between $1.98 and $1.83. On an adjusted basis, earnings is expected between $3.95 and $4.10 per share on revenues in the range of $9.6 billion and $9.9 billion. On average, 30 analysts expect the company to post earnings of $3.98 per share on revenues of $9.7 billion in the third quarter.