EBay’s stock surged more than 8 percent in after-hours trading on Wednesday as the online shopping marketplace posted better than expected earnings results.
The company posted earnings per share, excluding some items, of 43 cents, beating analyst estimates of 40 cents a share. Revenue came in basically in line with expectations at $2.1 billion. The earnings report is eBay’s first as a standalone entity, following the spin-off of its PayPal division and planned sale of its eBay Enterprise unit. eBay and PayPal still work closely together, thanks to five-year agreements between the two.
EBay is still a cash cow, but it’s growth has stalled and is well below the industry average, as it continues to dig out from a 2014 hack of user information as well as a penalty on search results Google levied against it. It also faces fierce competition from Amazon, whose Prime membership program continues to be a hit, as well a host of marketplace startups that are focusing on niche categories and building their businesses exclusively for younger shoppers who spend most of their time on smartphones, not personal computers.
I’ll be listening in to the company’s call with analysts and will update with some color if things get interesting. Update: They didn’t.
This article originally appeared on Recode.net.