eBay (EBAY) shares are trading higher after hours on better-than-expected Q3 results.
For the quarter, the company posted revenue of $2.2 billion and non-GAAP profits of 40 cents a share; the Street had expected $2.18 billion and 37 cents.
For Q4, the company sees revenue of $2.39 billion to $2.49 billion, with non-GAAP profits of 45-48 cents a share; the Street has been projecting $2.41 billion and 44 cents.
“We delivered strong third quarter results, with great performance at PayPal and stable results at eBay,” CEO John Donahoe said in a statement. “PayPal gained share globally and eBay continued to improve key metrics. Our company is strong and we are managing our global portfolio to balance strengths, challenges and opportunities, invest in growth and deliver consistent performance.”
Revenue was up 22% year over year in the payments business, and 3% in the core Marketplace business, with 2% growth in the U.S., and 4% growth internationally.
In late trading, EBAY is up $1.84, or 7.2%, to $27.50.
Update:The company also said it bought back about $300 million of common stock in the quarter. And it said the company’s board authorized the repurchase of another $2 billion of stock to offset shares issued in its equity compensation programs.
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