eBay Q1 Beats Street, but Guidance Underwhelms

EBay’s first-quarter earnings came in slightly ahead of analyst expectations, but the stock was down nearly four percent in after-hours trading on disappointing guidance.

The company recorded earnings per share, excluding some items, of 70 cents in the first quarter on revenue of $4.26 billion. Analysts had been expecting earnings per share of about 67 cents on $4.23 billion in revenue.

Looking ahead, though, eBay forecast second-quarter earnings of 67 cents to 69 cents, excluding some items, compared to analyst expectations of 70 cents.

EBay also said it planned to move $6 billion of overseas profits back to the U.S. If and when it does so, the company will pay approximately $3 billion in taxes.

The company repurchased $1.8 billion of common stock in the first quarter, leaving $3.8 billion of the approved stock repurchase plan remaining.

I’ll be updating this post during and after the company’s call with analysts.

This article originally appeared on Recode.net.

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