eBay Inc (NASDAQ:EBAY) shares were up 1.85% on Wednesday and an additional 6.89% in after-hours trading when it printed its quarterly earnings data. The company has a market cap of $31.02 billion at 1.15 billion shares outstanding. Shares have been trading in a 52-week range of $21.51 to $29.83.
The company reported stronger sales in the second quarter of the year, raking in $2.23 billion in revenue versus estimates at $2.17 billion. During the quarter, the eBay generated $764 million of operating cash flow and $617 million of free cash flow from continuing operations while also repurchasing $500 million of its common stock. Earnings per share came in at $0.43 versus estimates at $0.42. To top it off, eBay upgraded its guidance, expecting between $8.85 billion and $8.95 billion in revenue for 2016.
We are now one year into executing our strategy to provide the best choice, the most relevance and the most powerful selling platform, and there are signs of momentum in our business,” said eBay CEO Devin Wenig in a statement.
The company also shared its progress in shifting to its fixed price business, competing directly with the likes of Amazon in attracting companies to sell products on their online marketplace. eBay has also been improving its “structured data initiative” in putting more focus on better categorization of products and a better search experience for users. Its StubHub segment has also shown significant growth, bringing $225 million in revenue, up 40% year-over-year after its acquisition of Ticketbis.
eBay is a commerce company that helps in enabling commerce on its platforms for buyers and sellers online. It has an open source platform that provides software developers and merchants an access to its application programming interfaces for developing software and solutions for commerce. Aside from its online marketplace at ebay.com, it also has an online ticket platform at stubhub.com and online classifieds.
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