eBay Inc (NASDAQ:EBAY) and Paypal Holdings Inc (NASDAQ:PYPL) released their fourth quarter earnings reports after closing bell tonight, with the quarter being PayPal’s second report since it was spun off from eBay. eBay reported non-GAAP earnings of 50 cents per share, which was in line with the consensus estimate, and $2.3 billion in revenue, which was also in line with consensus. In the year-ago quarter, the auction site reported 90 cents per share, and $4.9 billion in revenue, although those numbers include PayPal. Excluding PayPal, eBay’ revenue was $2.1 billion for the fourth quarter of 2014.

PayPal posted earnings of 36 cents per share and revenue of $2.6 billion. Wall Street wanted to see earnings of 34 cents per share and $2.51 billion in revenue. In the previous quarter, the payments provider reported earnings of 31 cents per share, beating the consensus of 29 cents, and $2.26 billion in revenue, which was in line with consensus.

eBay shares tumble after earnings

eBay’s GAAP earnings were 43 cents per share. Gross merchandise volume for the fourth quarter was $21.9 billion, a 5% year over year increase, while its active buyer base climbed 5% to 162 million.The auction website’s Marketplace platform recorded $20.7 billion in gross merchandise volume, which contributed $1.9 billion in revenue. The Marketplace platform saw more than 265 million transactions in 190 markets. StubHub saw $1.2 billion in gross merchandise volume and recorded $232 million in revenue. The Classifieds segment delivered $183 million in revenue.

For the first quarter, eBay projects between $2.05 billion and $2.1 billion in net revenue and non-GAAP earnings of 43 cents to 45 cents per share. GAAP earnings are projected to be between 37 cents and 39 cents per share. For the full year, eBay expects earnings of $1.82 to $1.87 a share, compared to the consensus of $1.83, while for revenue, it expects between $8.5 billion and $8.8 billion, compared to the consensus of $8.59 billion.