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2h ago

eBay Shares Surge to Record High After Q2 Earnings Beat

Riding AI-driven GMV growth, the company lifted its revenue outlook for the third quarter.

The eBay logo is pictured on a screen in this photo illustration in New York, U.S., July 23, 2019. REUTERS/Brendan McDermid/Illustration
Renewed interest in Pokemon and sports cards have helped boost eBay's historically-strong collectibles business.
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Overview

  • eBay posted $2.73 billion in second-quarter revenue, surpassing analysts’ $2.64 billion estimate, and delivered adjusted EPS of $1.37 versus expectations of $1.30.
  • Gross merchandise volume rose 6% year over year to $19.5 billion, driven by strong demand in focus categories such as collectibles, refurbished goods and trading cards.
  • Management raised its third-quarter revenue forecast to a range of $2.69 billion to $2.74 billion—above the $2.66 billion consensus—and projected GMV of $19.2 billion to $19.6 billion.
  • Shares jumped about 10% in extended trading on Wednesday and climbed 19% on Thursday to an intraday record, reflecting investor confidence in the company’s outlook.
  • The company is deploying new AI tools for personalized listings and shopping recommendations, expanding into U.S. pre-owned apparel and has appointed former PayPal executive Peggy Alford as CFO.