EBay Q2 Profit Down, Misses Street

(RTTNews) - eBay Inc. (EBAY) Wednesday reported second-quarter net income of $640 million or $0.49 per share, down from $692 million or $0.53 per share last year.

Adjusted net income for the quarter was $822 million or $0.63 per share, compared to $730 million or $0.56 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.64 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the second quarter rose 14 percent to $3.88 billion from $3.40 billion last year. Analysts estimated revenues of $3.89 billion for the quarter.

Looking forward to the third quarter, the company expects earnings of $0.49 - $0.51 per share, adjusted earnings of $0.61 - $0.63 per share, and net revenues of $3.85 billion - $3.95 billion. Analysts currently estimate earnings of $0.65 per share on revenues of $3.97 billion for the quarter..

For the full year 2013, eBay now expects earnings of $2.21 - $2.26 per share, compared to previous estimate of $2.23 to $2.29 per share.

Meanwhile, the company maintained its adjusted earnings guidance of $2.70 - $2.75 per share and revenues of $16.00 billion - $16.50 billion for the full year. Analysts currently estimate earnings of $2.75 per share on revenues of $16.31 billion for the year.