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It seems that there is life for eBay Inc after spinning off its major engine of growth, payment processing company PayPal Inc.
USA Today said the company’s financials for the third quarter were remarkably strong that it experienced an 8.6 percent surge in stock price during after hours on Wednesday. Reuters added that EBay had raised its forecast for adjusted profit from its continuing operations for the full year from USD1.72 to USD1.77 per share to USD1.80 to USD1.82 per share. Its market analyst arm, Thomson Reuters, said analysts expected the company to profit at USD1.78 per share.
On a call to the news site, eBay Chief Financial Officer Scott Schenkel said the increase was a reflection of the company’s stellar earnings performance in the second quarter, eBay’s repurchase of shares, and a more favorable tax.
RBC Capital Markets analyst Mark Mahaney told Bloomberg, "There were fears the company would miss estimates. The fact that it didn’t was all anyone was really looking for in this market."
