Ebay results disappoint

EBAY forecast results for the rest of the year that fell short of Wall Street expectations yesterday, overshadowing its higher profit growth.

Net profit in the e-commerce firm’s first quarter rose to $398m (£258m), or 30 cents per share, from $357m, or 28 cents per share, a year earlier.

On an adjusted basis, earnings were 42 cents per share. Analysts, on average, had been expecting earnings of 41 cents per share. Revenue rose nine per cent to $2.2bn.

Ebay stood by its earlier full-year earnings outlook for revenue of $8.8bn to $9.1bn and adjusted earnings of $1.63 to $1.68 per share.

For the second quarter eBay estimated revenue of $2.15bn to $2.2bn and adjusted earnings of 37 cents to 39 cents per share. Analysts were looking for revenue of $2.2bn.