eBay Exceeds Q3 Expectations After PayPal Spin-Off

In the third quarter ended September 30, eBay stated that its gross merchandise volume, the company’s valuation of merchandise moved through its operation, increased 6% on a foreign exchange neutral basis, in-line with the prior quarter.

Posted revenue was $2.1 billion versus $2.15 billion in the 2014 quarter, while non-GAAP net income from continuing operations came in at $529 million or 43 cents per diluted share, versus $579 million, or 46 cents per diluted share, in the quarter a year earlier.

GAAP net income from continuing operations was $545 million, or 45 cents per diluted share, versus $509 million, or 41 cents per diluted share, in the quarter a year earlier. The GAAP figure from continuing operations doesn’t include the impact of discontinued operations in this or last year’s third quarter. During the third quarter, eBay completed its spin off of PayPal and made progress in the sale of eBay Enterprise, the company asserted.

The non-GAAP income result beat a Thompson Reuters analyst average estimate by three cents per diluted share.

“We drove solid results in the quarter in which we completed a complex separation,” said eBay president and CEO Devin Wenig. “We also marked eBay’s 20th anniversary and made progress on executing our strategy to reposition the company to deliver stable and profitable long-term growth.”