21 JUL 22:21 AFX *QUALCOMM Q4 FIRST CALL EARNS EST 50C
21 JUL 22:20 AFX *QUALCOMM EXPECTS Q4 NET EARNS 53C-56C
21 JUL 22:19 AFX *QUALCOMM Q3 FIRST CALL REVS EST $1.295B
21 JUL 22:19 AFX *QUALCOMM Q3 REVS $1.34B VS REVS $891M
21 JUL 22:18 AFX *QUALCOMM Q3 FIRST CALL EARNS EST 53C
EBay tops Q2 targets; new '04 goals falls below Street - UPDATE 1 21.07.2004 22:21 Headlines
SAN FRANCISCO (AFX) -- EBay said late Wednesday that second-quarter profits
more than doubled as strong volume in Asian markets help the marketplace
operator grow international sales by 76 percent.
EBay said it earned $190 million, or 28 cents per share, compared with a
profit of $91.8 million, or 14 cents per share, in the year-ago period.
Excluding nonrecurring items such as the gain from selling a stake in Ipix, eBay
earned 29 cents per share. On that basis, analysts expected eBay to post a
profit of 27 cents.
Quarterly sales rose to $773.4 million from $509 million last year and compared
to $769 million in revenue analysts expected. "We're pleased by impressive
metrics out of Asia," said Rajiv Dutta, eBay's CFO, in an interview with CBS
MarketWatch.
Shares of eBay tumbled in regular trading, on concerns the company would not
raise its outlook above Wall Street's estimates. Shares fell $3.35, or 4.2
percent, to $76.60.
Seasonal slowing
Additionally, eBay's second-quarter U.S. transactions totaled $319 million,
which is up 32 percent from last year, but down 2 percent from the first
quarter. It's the first quarter that eBay saw its U.S. sales drop quarter over
quarter. Some analysts as well as eBay had already expected slowing sales.
EBay saw a "more pronounced slowdown than in prior years," said Dutta. "We're
becoming more mainstream," he added.
But eBay's international business continues to grow quarter over quarter.
International sales grew to $273.7 million, up 76 percent from last year, and up
from the first quarter.
Going forward
Along with its results, eBay raised its earnings outlook for the year to $1.17 a
share, excluding certain items, on sales as high as $3.185 billion. Analysts
have forecast, on average, that eBay would earn $1.19 on sales of $3.2 billion.
EBay's 2004 top revenue forecast is $35 million higher than its previous goal
set forth during its last quarterly update. Once again, eBay said the upside to
its numbers is based on growth across its listings business in the U.S. and
overseas, as well as its payment business.
EBay also expects net income as high as $1.10 a share this year, or 4 cents
above its previous goal. Excluding certain items, eBay expects to earn $1.17
per share, which is also 4 cents above its prior goal. Last quarter, eBay said
it expected to earn $1.13, excluding items, on sales that could hit as high as
$3.15 billion.
In the third quarter, analysts expect eBay to earn 27 cents per share on sales
of $777 million. In its release, eBay said it expects to earn 25 cents in the
quarter on sales of $770 million.
This story was supplied by CBSMarketWatch. For further information see
www.cbsmarketwatch.com.
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