eBay stock accelerates after earnings beat, updated forecast
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eBay (NASDAQ:EBAY) shares rose sharply in Wednesdayâs extended session after posting stronger than expected results for the third quarter.

The San Jose-based e-commerce company notched $1.00 in adjusted earnings per share, beating expectations by $0.07. Meanwhile, $2.4B in revenue narrowly exceeded expectations. Gross Merchandise Volume of $17.7B also easily exceeded the analyst expectation of $17.26B.

"Our third quarter results demonstrate significant progress against our long-term objectives and exceeded expectations for all key business metrics," CEO Jamie Iannone said. "I'm proud of our team and community for remaining resilient in the face of a challenging macroeconomic environment."

After the stronger than anticipated report, management updated full-year targets. The changes include a narrowing of revenue forecasts to between $9.71B and $9.79B from a prior $9.6B to $9.9B forecast. Meanwhile an EPS forecast of $4.07 to $4.13 for the full year is above the analyst consensus of $4.03.

Shares of eBay (EBAY) rose over 9% shortly after the report before moderating gains to about 6.41% as of 4:39 PM ET.

Read more on the details of the report.