This post was originally published on this site
EBay recently announced the expansion of its Authenticity Guarantee service for sneaker sales on its platform.
Online marketplace eBay Inc. rode the e-commerce wave to better-than-expected third-quarter results Wednesday, but its shares were off 2.4% in after-market trading.
The company reported income from continuing operations of $621 million, or 88 cents a share, up from $210 million, or 25 cents a share, a year earlier. EBay EBAY, -0.56% counts its classifieds business as a discontinued operation, with its deal to sell that business on track to close in the first quarter of 2021.
See more: EBay to sell classified ad business to Adevinta for $9.2 billion
On an adjusted basis, eBay posted 85 cents in earnings per share, up from 53 cents a year ago and ahead of the FactSet consensus, which called for 76 cents.
Revenue for the third quarter increased to $2.61 billion from $2.08 billion, while analysts surveyed by FactSet had been projecting $2.48 billion. EBay saw $186 million in revenue for its Promoted Listings feature, up 79% from a year earlier.
“Our third-quarter performance reflects the strength of our newly focused strategy coupled with the enormous untapped potential of our marketplace,” Chief Executive Jamie Iannone said in a statement.
The company said it is making progress with its efforts to take control of the payments process on its platform after its old operating agreement with PayPal Holdings Inc. PYPL, -4.05% expired in July. More than 340,000 sellers had migrated over to the company’s new managed payments infrastructure by the end of the quarter, and eBay processed over 20% of its on-platform volume through managed payments during the period.
EBay has been upbeat that it would capture better payment economics by managing payments itself, while also offering a more simplified experience to buyers and sellers on its marketplace.
For the fourth quarter, eBay anticipates $2.64 billion to $2.71 billion in revenue and 78 cents to 84 cents in adjusted EPS. Analysts had been expecting $2.54 billion in revenue and 76 cents in EPS.
Shares of eBay have declined 5.5% over the past three months as the S&P 500 SPX, -3.52% has gained 1.6%.