eBay Inc. (EBAY) reported its second-quarter results after the market closed on Wednesday, and the numbers were solid. The company beat on both the top and bottom lines, but the stock's muted reaction in after-hours trading suggests investors are looking ahead to a potential slowdown.

Q2 Earnings: A Beat on Both Fronts

Revenue came in at $3.13 billion, up 15% year-over-year and ahead of the Street's $3.02 billion estimate. Gross merchandise volume (GMV) also rose 15% to $22.4 billion. Adjusted earnings per share hit $1.60, beating the $1.51 consensus.

CEO Jamie Iannone credited the quarter to "meaningful, broad-based momentum driven by continued innovation and focused execution against our strategic roadmap." He added that the results show eBay can deliver strong growth while staying focused on its priorities.

Two areas stood out: eBay Live, the company's livestream shopping platform, posted another record quarter with GMV up 8x year-over-year across its seven markets. And an AI-powered card scanning feature surpassed 80 million cumulative scans, part of eBay's push into the growing trading card category.

What's Next: Guidance and the Depop Deal

CFO Peggy Alford said the second quarter demonstrated GMV growth and leadership in key categories. "Given the strong momentum we are seeing in our business, we are increasing our full-year top- and bottom-line outlook," she said.

But the third-quarter guidance tells a slightly different story. eBay expects EPS between $1.36 and $1.42, with the midpoint below the Street's $1.42 estimate. Sales guidance of $3.07 billion to $3.12 billion beats the $2.97 billion consensus, but the implied year-over-year growth of 8% to 10% is a step down from Q2's 15%.

The guidance includes the impact of the Depop acquisition, a fashion marketplace eBay announced in February. The deal closed on July 30, 2026.

Stock Reaction

Shares were up 0.81% to $112.05 in after-hours trading, within the 52-week range of $78.03 to $119.31. The modest move suggests investors are weighing the strong quarter against the expected deceleration in growth.