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Last Update: 17-Jan-13 07:44 ET
Ebay shares rise 3% following beat on earnings
eBay (EBAY $54.80 +1.80) reported fourth quarter earnings of $0.70 per share, excluding non-recurring items, $0.01 better than the Capital IQ consensus Estimate of $0.69, while revenues rose 18% year/year to $3.99 billion versus the $3.98 billion consensus. The company issued downside guidance for the first quarter with EPS of $0.60-0.62, excluding non-recurring items, versus the $0.63 consensus, sees Q1 revs of $3.65-3.75 billion versus the $3.8 billion consensus. The company issued in-line guidance for fiscal year 2013 with EPS of $2.70-2.75, excluding non-recurring items, versus the $2.75 consensus and sees revenues of $16.0-16.5 billion versus the $16.31 billion consensus. The company's PayPal business continued to expand its leadership position in global payments. PayPal's active account growth accelerated to 15% and ended the year with ~123 mln registered accounts. PayPal added nearly 2 million accounts a month in the fourth quarter, representing the company's fastest active account growth rate in years. PayPal Q4 net total payment volume +24% vs +20% in Q3. The company's Marketplaces business delivered a record $2 billion revenue in the fourth quarter, propelled by strong performance in the U.S. Revenue for the full year was driven by continued investments in the customer experience and efforts to bring the world's inventory to global buyers. Active user growth accelerated two points to 12%, driven by mobile, site enhancements designed to streamline the shopping experience on eBay and emerging markets. Fixed price GMV, excluding vehicles, increased 21% and contributed to a 16% increase in GMV, excluding vehicles. U.S. GMV growth, excluding vehicles, accelerated three points to 19%. Mobile commerce volume in 2012 grew more than 120% to $13 billion driven primarily by increased adoption of eBay's mobile apps and increased engagement from product innovation. eBay's suite of mobile apps attracted more than 4 million new customers in 2012.
