eBay Inc (NASDAQ:EBAY) tumbled before the bell on Thursday after the online shopping giant’s in-line first-quarter results were overshadowed by a somewhat downbeat outlook.
The California-based group delivered revenue of US$2.6bn in the opening three months of 2018 - up 12% versus the year-ago period, its best growth for more than four years.
Net income fell to US$407mln, or US$0.40 a share, from US$1.04bn, or US$0.94 a share, in the first quarter of 2017. Excluding one-off items, eBay reported adjusted earnings per share of US$0.53.
Analysts had expected adjusted earnings of US$0.53 on revenue of US$2.6bn.
The StubHub owner said it expects second-quarter adjusted EPS of 52 US cents, in-line with forecasts, on revenue of between US$2.64 and US$2.68bn. Wall Street had been looking for 2Q revenue of US$2.68bn.
“In Q1 we drove good growth and made further progress with our multi-year effort to transform our customer experience and sharpen the eBay brand,” said Devin Wenig, President and Chief Executive.
Shares were down 5.6% to US$40.97 before the opening bell in New York.