EBay takes first quarter loss on tax charge
EBay recorded a loss in the first-quarter due to a hefty tax charge on foreign earnings, but revenue jumped as more customers shopped at its e-commerce site and its PayPal payments business stayed strong.
Adjusted results beat expectations but the company offered weak second-quarter guidance and shares fell 3 percent in aftermarket trading.
The loss for the three months that ended March 31 totaled $2.33 billion, or $1.82 per share. That compares with net income of $677 million, or 51 cents per share, last year. Excluding a $3 billion tax charge, net income totaled 70 cents per share. Analysts expected net income of 67 cents per share.
Revenue rose 14 percent to $4.26 billion from $3.75 billion. Analysts expected $4.23 billion. Payments revenue rose 19 percent to $1.85 billion.
© 2014 The Associated Press. All rights reserved.