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What: Shares of online auctioneer eBay (Nasdaq: EBAY) surged more than 10% to a new 52-week high of $28.44 in early trading, after the company announced better-than-expected revenue and earnings.

So What: On a non-GAAP basis, revenue improved 10% to $2.25 billion. Per-share net income rose 14% to $0.40. Wall Street was expecting $0.37 on $2.18 billion in revenue.

Now What: Looking ahead, management predicted $0.45 to $0.48 per share in fourth-quarter earnings, as calculated on a non-GAAP basis; that tops the Street's consensus of $0.44. The upbeat outlook suggests that earlier pessimism was overdone, and that competitors (Nasdaq: OSTK) and (Nasdaq: OSTK) still have their work cut out for them.

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Fool contributor Tim Beyers is a member of the Rule Breakers stock-picking team. He didn’t own shares in any of the companies mentioned in this article at the time of publication. Check out Tim's portfolio holdings and Foolish writings, or connect with him on Twitter as @milehighfool. You can also get his insights delivered directly to your RSS reader. The Motley Fool is also on Twitter as @TheMotleyFool. Its disclosure policy is at least 10% better than other disclosure policies.