eBay released its second quarter earnings report before opening bell this morning, posting adjusted earnings of 76 cents per share on revenue of $4.4 billion. Analysts had been expecting earnings of 72 cents per share and revenue of $4.49 billion

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Key metrics from eBay’s earnings report

eBay said the adjusted earnings number excludes eBay Enterprise, which is listed under discontinued operations. Reported earnings increased from 53 cents last year to 56 cents this year. Management noted that both eBay and PayPal saw acceleration in growth during the second quarter.

Total payment volume was $66 billion, a 20% year over year increase. Merchant Services volume increased 27%, and on-eBay volume declined 1%. On a currency neutral basis, total payment volume on PayPal increased 28%, Merchant Services volume climbed 36% and on-eBay volume rose 6%. eBay Marketplaces payment volume was $14.5 billion or 22% of total payment volume. Revenue for Payments was $2.26 billion.

eBay Marketplaces saw its gross merchandise volume decline 2% to $20 billion as the stronger U.S. dollar dragged down the results. On a currency neutral basis, gross merchandise volume increased 6%. U.S. volume increased 2%, and international volume fell 5% but increased 8% on a currency neutral basis. Revenue from Marketplaces was $2.1 billion.

PayPal spinoff coming tomorrow

This morning eBay also announced that it will separate from PayPal tomorrow. Management provided guidance for PayPal as well. They’re expecting PayPal’s net revenues for the full year to increase by between 15% and 18% on a currency neutral basis. They project GAAP earnings of between 89 cents and 95 cents per share and non-GAAP earnings of between $1.23 and $1.27 per share.

For eBay, management is looking for full year net revenue to increase by between 3% and 5% on a currency neutral basis. They expect GAAP earnings to be between $1.40 and $1.45 per share and non-GAAP earnings to be between $1.72 and $1.77 per share.

eBay’s board of directors also added $1 billion to the company’s share repurchase authorization.

As of this writing, shares of eBay were up 3.56% at $65.70 per share.