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EBay stock falls after earnings beat, weak guidance

EBay Inc. EBAY, +zero.37% stocks fell greater than 4.five% in the extended session Wednesday earlier than backing out to a 1% loss after the company reported an profits beat but lower-than-expected guidance. The corporate reported second-quarter internet source of revenue of $642 million, or 64 cents a percentage, in comparison with $29 million, or 3 cents a percentage, in the year-ago period. Adjusted profits were 53 cents a percentage. Revenue rose to $2.64 billion from $2.42 billion in the year-ago period. Analysts surveyed by way of FactSet had estimated adjusted profits a percentage of 51 cents on revenue of $2.66 billion. For the third quarter, analysts modeled adjusted profits of 56 cents a percentage on gross sales of $2.73 billion. The corporate stated it expects third quarter adjusted profits of 54 cents to 56 cents a percentage on revenue of $2.64 billion to $2.69 billion. EBay stock closed up zero.4% to $37.95 and has received less than 1% this year, with the S&P 500 index SPX, +zero.22% emerging five.1%.