iPhone 14 Wish List 'House of the Dragon' Review Xbox Game Pass Ultimate Review Car Covers Clean Your AirPods 'The Rehearsal' on HBO Best Smart TV Capri Sun Recall
Want CNET to notify you of price drops and the latest stories?
No, thank you
Accept

eBay hurdles estimates in second quarter

Online auctioneer eBay Inc. (Nasdaq: EBAY) topped analysts' estimates by a penny a share in its second quarter Monday, earning $5.1 million, or 4 cents a share, on sales of $49.5 million.

First Call consensus pegged eBay for a profit of 3 cents a share in the quarter.

The stock closed off 3 7/16 to 104 3/8 ahead of the earnings report but made back that loss in after-market trading.

The $49.5 million in sales represents a 154 percent improvement versus the year-ago quarter when it pocketed $5.2 million, or 5 cents a share, on sales of $19.5 million.

In the quarter, eBay added 1.7 million registered users, giving it a total of 5.6 million users at the end of June, a 46 percent jump from the first quarter and a 556 percent explosion from the year-ago quarter.

eBay hosted 29.4 million auctions during the quarter, up from 22.9 million in the first quarter. Its gross merchandise sales were $622 million, up 15 percent from the $541 million reported in the first quarter of 1999 and a 346 percent compared to the year-ago quarter.

"We have tremendous momentum in our flagship business," said CEO Meg Whitman in a prepared release. "Our community continues to expand at a rate higher than the Internet in general."

Last quarter, eBay beat Street estimates, earning $5.9 million, or 5 cents a share, on sales of $34 million.

Its shares moved up to a 52-week high of 234 in April after trading at a low of 8 3/8 in October.

Twelve of the 15 analysts following the stock maintain either a "buy" or "strong buy" recommendation.

First Call consensus expects the San Jose, Calif. company to earn 20 cents a share in the fiscal year.