The Street Underestimated eBay

EBay ( EBAY - news - people ) reported earnings per share of 40 cents, beating the consensus view of 38 cents per share. Revenue of $2.2 billion was up 6% and came in ahead of Street forecasts for $2.16 billion, according to Thomson Reuters.

In after hours trading, the stock was up 2.9% on the better than expected results. The company's stock lost 2.98% Wednesday going into the report.

Despite a positive second quarter, the company says a stronger dollar will have a negative year-over-year impact on the third quarter of $0.02 in earnings per share, says Chief Financial Officer Bob Swan in the company's earnings call. He said that he anticipates that European currencies will remain weak compared to the dollar and that the U.S. e-commerce market will be slow in the third quarter. "We are confident but cautious going into the second half of this year," says Swan.

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- Posted: 2010-07-21 20:46:54

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