EBay unveils first quarter earnings results

EBay reported first quarter results after the bell on Wednesday.

The company posted an adjusted 49 cents per share, when Wall Street was forecasting 48 cents. EBay reported revenue of $2.2 billion, when analysts were expecting roughly the same at $2.21 billion.

Gross merchandise volume, a measure of the total sales transactions of the platform came in at $20.9 billion, slightly beneath the $21.06 billion analysts had been expecting.

“The first quarter was a strong start to the year with accelerating growth in active buyers, revenue and our core U.S. business,” said Devin Wenig, President and CEO of eBay Inc, in a statement. “We are on the right path as we continue to evolve our shopping platform for consumers, leverage our technology advantages and market a sharpened eBay brand globally.”

The company also repurchased $350 million in common stock.

Shares closed Wednesday at $33.85, and went down about 3% in initial after hours trading. eBay shares have gone up 34% in the past year.

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