"EBay reaffirmed its full year guidance. It expects adjusted net income of $2.95 to $3 on revenue of $18 billion to $18.5 billion. Analysts expected net income of $2.99 per share on revenue of $18.25 billion". It doesn't look too down to me. Sometimes it actually helps if you take the time to read the results in detail. Here's some more juicy nuggets.
Overall, eBay lost $2.33 billion, or $1.82 per share, in the three months that ended March 31. That compares with net income of $677 million, or 51 cents per share, last year. Excluding a $3 billion tax charge, net income totaled 70 cents per share. Analysts expected net income of 67 cents per share.
The tax charge relates to freeing up about $6 billion in available cash in the U.S. to increase "financial flexibility."
That could indicate eBay is considering a big acquisition, although the company made it clear there was no specific announcement yet.
Let's not forget about the crown jewel, PayPal.
The results come as PayPal, which eBay bought for $1.3 billion in late 2002, gained 5.8 million new active registered accounts to end the quarter up 16 percent to 148 million.
The business is now growing faster than the company's core e-commerce site: Payments revenue rose 19 percent to $1.85 billion, about 43 percent of total revenue. Meanwhile, its core marketplaces revenue rose 10 percent to $2.16 billion.