eBay Announced Financial Results for the Fourth Quarter and Full-Year 2016

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eBay, Inc. (NASDAQ: EBAY) announced its financial results for the last quarter of 2016 and full-year 2016, with revenues and profits meeting analysts’ estimations.

According to statement, net revenues in the fourth quarter increased 3% from the $2.3 billion in the same period of 2015 to $2.4 billion this year, which was in line with the analyst’ estimates. For the full-year 2016, net revenue rose 5% from $8.6 billion in 2015 to $9.0 billion in 2016. As for net income, the company’s income from continuing operations for the fourth quarter reached $5.9 billion, or $5.31 per diluted share, which was boosted by a non-cash income tax benefit of $4.6 billion, and $0.8 billion gain from selling its equity holdings in Mercado Libre, Inc. The company said in the statement that they repurchased $1 billion of its common stock in the quarter ended December.

“Q4 was a record quarter highlighted by solid performance in our eBay business. During the holiday season, eBay was one of the top consumer shopping destinations in the world and the second most visited eCommerce site in the U.S.,” Devin Wenig, the President and CEO of eBay, said in the statement. “In 2017, we intend to accelerate the progress that we made last year as we continue to execute our business strategy.”

Based on the financial results of 2016, eBay announced guidance of 2017. The company expected that revenue to increase to $9.5 billion in 2017, and adjusted profit for the first quarter to be between $0.46 and $0.48 per share.

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