Multinational e-commerce retailer eBay has reported better-than-expected results for the third quarter that ended on 30 September 2021.

During the three months, the company’s revenue rose 11% to $2.5bn on an as-reported basis, and 10% up on foreign exchange-neutral basis.

eBay’s net income from continued operations was $283m on a generally accepted accounting principles (GAAP) basis, while its diluted earnings per share (EPS) were $0.43.

Non-GAAP net income from continuing operations during the quarter was $591m, with an EPS of $0.90.

The company also generated $661m of operating cash flow and $502m of free cash flow from continuing operations.

eBay chief executive officer Jamie Iannone said: “Our team delivered another strong quarter, once again meeting or surpassing our expectations for all key business metrics, making further progress on our multi-year strategy.

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“Our Q3 results, driven by the near completion of our managed payments migration, expansion of our advertising portfolio, and volume growth in our focus categories, demonstrate that our strategic playbook continues to work. I’m proud that we’ve been able to increase customer satisfaction, build trust, and drive steady innovation, all while continuing to set and make progress toward our ambitious goals tied to climate action.”

The company’s GAAP operating margin decreased to 26.5% for the third quarter, compared to 29.3% in last year period.

It repurchased approximately $2.3bn of its common stock and paid cash dividends of $116m during the quarter.

For the fourth quarter of 2021, the company expects its revenue to be in the range of $2.57bn to $2.62bn and its diluted GAAP EPS to be between $0.72 and $0.76.

In June this year, eBay agreed to divest a controlling stake in its Korean business to South Korean retailer EMART for approximately KRW3.44tn ($3.0bn).