By Denny Jacob
Online marketplace eBay swung to a profit and grew revenue in the latest quarter.
The San Jose, Calif.-based company reported net income of $1.31 billion, or $2.46 a share, for the third quarter ended Sept. 30, from a loss of $69 million, or 13 cents a share, a year earlier. Adjusted earnings were $1.03 a share, above analysts’ estimates of $1 a share.
Revenue rose to $2.5 billion versus $2.38 billion in the year-ago period. Analysts polled by FactSet expected $2.51 billion.
Gross merchandise volume increased 2% to $18 billion in the quarter.
“We will continue to be prudent with cost efficiencies, saving to invest for the future, while remaining good stewards of capital for our shareholders,” Chief Financial Officer Steve Priest said.
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