EBay sold its Enterprise business for $925 million and topped Wall Street expectations for its second-quarter earnings as the online retailer prepares to spin off PayPal.
Shares rose more than 4 percent in morning trading Thursday.
EBay had said in January that it might sell Enterprise, which develops online shopping sites for brick-and-mortar retailers. Clients include Sports Authority, PetSmart and Ikea. Earlier this month one of its biggest clients, Toys R Us, said that it would move its ecommerce business in house next year.
But that didn't stop the sale to a group of private equity firms led by Permira and Sterling Partners, the company announced Thursday.
EBay Inc., based in San Jose, California, also reported quarterly net income of $83 million, or 7 cents per share. Adjusted earnings, excluding a $786 million charge related to the Enterprise sale, amounted to 76 cents per share. That was 4 cents better than analysts had projected, according to a survey by Zacks Investment Research.
The e-commerce company posted revenue of $4.38 billion in the period. Including revenue from its discontinued enterprise unit, however, revenue totaled $4.65 billion. Thirteen analysts surveyed by Zacks expected $4.48 billion. EBay cited the stronger dollar.
EBay expects full-year earnings in the range of $1.72 to $1.77 per share.
Shares rose $2.66, or 4.2 percent, to $66.10 in morning trading.
Jean Smart, Ariana Grande, Michael Keaton among hosts for “SNL” season 50
Fresh off her Emmys win, Jean Smart will kick off the landmark 50th season of "Saturday Night Live."
NBC on Thursday announced the lineup of hosts for the season, which premieres Sept. 28. Joining Smart on the first show will be Jelly Roll as the musical act. He was also at the Emmys, singing during the ceremony's in memoriam segment.
It will be Smart's first time hosting "SNL."
Comedian Nate Bargatze will host on Oct. 5, with Coldplay as the musical guest.
Ariana Grande will host Oct. 12, with musical guest Stevie Nicks.
"Beetlejuice" star Michael Keaton will host on Oct. 19, the last show before Halloween, and Billie Eilish will be that night's musical guest.
The host on Nov. 2 will be "SNL" alum John Mulaney, with breakout sensation Chappell Roan as the music guest.
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