Global retail giant eBay Inc. saw a decline in its second-quarter bottom line as its profits from continuing operations were halved, the company announced in a statement.
- Net income for the second quarter fell 4% to $675 million from $702 million in 2020, while earnings per diluted share were kept at $0.99. Income from continuing operations dropped 57% to $294 million from $689 million.
- Revenue climbed 14% to $2.668 billion as the company launched a new payment system. The company ended the quarter with 71% of global on-platform volume processed through managed payments, and over 13 million sellers migrated across the globe.
- eBay has hiked its estimated share buyback for 2021 to $5.0 billion from $2.0 billion, following the completion of the transfer of its classifieds business to Adevinta from $2.5 billion in cash and a 44% equity stake in the company.
Third-quarter revenue is expected between $2.42 billion to $2.47 billion, and diluted earnings per share between $0.64 to $0.68. EBAY is down 1.72% premarket.