eBay Beats in Q2

eBay Inc (NASDAQ:EBAY) reported stronger-than-expected results for its second quarter on Wednesday

The San Jose-based company delivered revenue for the quarter of $2.7 billion, increasing 2% on an as-reported basis and 4% on a foreign exchange (FX) neutral basis, primarily driven by gross merchandise volume (GMV) of $22.6 billion, down 4% on an as-reported basis and flat on a FX-Neutral basis.

During the quarter, eBay delivered GAAP net income from continuing operations of $403 million, or $0.46 per diluted share and Non-GAAP net income from continuing operations of $589 million, or $0.68 per diluted share.

The company generated $744 million of operating cash flow and $607 million of free cash flow from continuing operations while also repurchasing approximately $1.5 billion of its common stock and paying $120 million in cash dividends in the quarter.

According to CEO Devin Wenig,"We remained focused on building our active buyer base, delivering outstanding customer experiences, and accelerating our growth initiatives in the second quarter.

"(The) Managed payments (division) continues to exceed expectations, while first party advertising is providing significant benefits to sellers, and new features are making our marketplace easier to use."

In the second quarter, eBay grew active buyers by 4% across its platforms, for a total of 182 million global active buyers. Underlying total eBay performance, the Marketplace platforms delivered $2.2 billion of revenue and $21.5 billion of GMV.

eBay shares jetted higher $2.12, or 5.4%, to $41.15