Shares of auction and e-commerce company eBay Inc (NASDAQ:EBAY) are falling on Wednesday after the company reported third-quarter financial results and updated guidance.
• EBAY stock is struggling to find support. Find out why here.
Q3 Results: Ebay reported third-quarter revenue of $2.82 billion, up 9% year-over-year. The revenue beat a Street consensus estimate of $2.73 billion, according to data from Benzinga Pro.
The company reported third-quarter earnings per share of $1.36, beating a Street consensus estimate of $1.33.
Gross merchandise volume of $20.1 billion in the quarter was up 10% year-over-year.
"Q3 was another strong quarter for eBay, reflecting continued momentum across our marketplace and disciplined execution of our strategy," eBay CEO Jamie Iannone said.
The company said it closed its acquisition of consumer-to-consumer social marketplace Tise in October. The acquisition is expected to boost eBay's connection with Gen Z and Millennial shoppers.
Read Also: Analyst Ratings For EBay
What's Next: The company sees fourth-quarter earnings per share coming in a range of $1.31 to $1.36, below a Street consensus estimate of $1.39, according to Benzinga Pro.
The company is guiding for fourth-quarter revenue of $2.83 billion to $2.89 billion, ahead of a Street estimate of $2.80 billion.
For the full fiscal year, the company's revenue guidance is $10.97 billion to $11.03 billion, ahead of a Street estimate of $10.85 billion.
Full-year earnings per share guidance of $5.42 to $5.47 is in range with a Street estimate of $5.46.
"We're transforming the eBay experience through AI built on 30 years of unique insights," Iannone said.
The eBay CEO said improvements to shipping, live commerce and fashion are meant to help "reinvent the future of ecommerce."
EBAY Price Action: Ebay stock is down 4.54% to $95.02 in after-hours trading on Wednesday versus a 52-week trading range of $56.38 to $101.15.
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