eBay Inc. (NASDAQ:EBAY)’s shares trading low

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Dallas, Texas 07/19/2013 (Financialstrend) – eBay Inc. (NASDAQ:EBAY) announced its second quarter results which ended on June 30, in the results revenue of the company is at $3.9 billion which is an increase of 14% compared to the revenue of last year. The net income of the company on the GAAP basis is $640 million or $0.49 per share, the net income is $822 million, or $0.63 per share on non-GAAP basis. The second quarter result shows that company has a strong top-line growth. Enabled Commerce Volume (ECV) of the company grew 21% to $51 billion which resembles the company’s power in global commerce platforms. eBay Inc.’s biggest advantages include providing consumers with multi screen shopping environments, seamless commerce experiences for merchants and delivering innovative solutions. John Donahoe, eBay Inc. President and CEO commented “our company has enabled commerce volume of $51 billion in the results of second quarter which shows our strong growth in this quarter, we will continue to face challenges like economic shocks prevailing in Korea and Europe and with mobile innovation we will attract millions of new customer across globe”.

After the announcement of second quarter results stock of eBay Inc were surprisingly grounded, which was not expected by research analysts. The price target of the company got lowered by Lazard, J.P. Morgan Securities, RBC, Canaccord Genuity, Topeka Capital and Topeka Capital. Research analyst at Needham Research rated the stock at “hold” which was downgraded from “buy”.

Shares of eBay Inc. (NASDAQ:EBAY) had moved on to decline of 6.37 % on Thursday and thereby closed at $53.52 per share for the day. The company had recorded intraday price fluctuations moving from as low as $53.16 to as high as $53.85 on the day. The 52 week low for the stock is at $39.07 and 52 week high is at $58.04 per share.

The company holds 1.30 billion shares and 83% of institutional ownership with a market cap of $69.31 billion. On Thursday, there had been a trading volume of 43.09 million shares of the company while the average is at 9.57 million shares per day.

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