EBay Q3 Profit Tops Estimate; Revenue Falls Shy; Cuts FY14 Revenue Outlook

(RTTNews) - eBay Inc. (EBAY) reported net income for the third quarter of of $673 million or $0.54 per share, compared to $689 million or $0.53 per share for the year-ago quarter.

Excluding items, adjusted net income for the third quarter was $848 million or $0.68 per share, compared to $837 million or $0.64 per share in the prior year quarter.

Net revenue for the third quarter rose 12% to $4.35 billion from $3.89 billion in the same quarter last year.

Analysts polled by Thomson Reuters expected the company to earn $0.67 per share, compared to $4.37 billion for the third quarter. Analysts' estimates typically exclude special items.

Looking forward to the fourth quarter, the company forecasts net revenue of $4.85 billion to $4.95 billion, earnings of $0.73 to $0.76 per share and adjusted earnings of $0.88 to $0.91 per share. Analysts currently expect the company to earn $0.91 per share on revenue of $5.16 billion for the fourth quarter.

The company lowered its full year 2014 revenue guidance to a range of $17.85 billion to $17.95 billion from its prior guidance of $18.00 billion to $18.30 billion. Analysts currently expect the company to post revenue of $18.15 billion for the full year 2014.