E-commerce giant eBay Inc forecast a smaller-than-expected second-quarter profit on Tuesday and will take a $3 billion non-cash tax charge to repatriate foreign earnings that will more than double its available U.S. cash.Shares of eBay fell 3 percent in after-hours trading despite the company's higher-than-expected first-quarter profit.During the quarter, eBay took a $3 billion non-cash tax charge to access $9 billion in foreign earnings. The move will boost available U.S. cash by about $6 billion, up from $4.4 billion of cash and cash equivalents at the end of March.Some investors were expecting an even larger first-quarter beat after activist investor Carl Icahn ended his campaign to force eBay to spin out PayPal earlier this month, Wedbush Securities analyst Gil Luria said.
eBay Inc., is a global technology company. The Company enables commerce through three reportable segments: Marketplaces, Payments, and GSI. Shares of EBAY traded higher by 1.68% or $0.9/share to $54.54. In the past year, the shares have traded as low as $48.06 and as high as $59.70. On average, 11330000 shares of EBAY exchange hands on a given day and today's volume is recorded at 13510012.
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