eBay (NASDAQ:EBAY) reported fiscal 2014 first-quarter earnings after the closing bell today that beat Wall Street's expectations but failed to move the stock higher in late trading on Tuesday.

For the period ended March 31, eBay earned a non-generally accepted account principles profit of $0.70 per share, which was an increase of 11% over the previous year. That was also three cents better than analysts' estimates for EPS of just $0.67 in the period.

Revenue increased 14% to $4.3 billion in the quarter, which skimmed past Wall Street's estimates for revenue of $4.2 billion.

"We are executing our growth plans, capitalizing on the synergies in our portfolio and aggressively executing our $5.0 billion share buyback program," said John Donahoe, eBay's president and chief executive.

Payment volume from eBay's PayPal business grew 27%, as PayPal added 5.8 million new users in the quarter. This brings PayPal's active registered accounts to 148 million as of the end of March. Meanwhile, revenue from eBay's marketplaces segment grew to $2.2 billion as it added 4.7 million new buyers to the platform. eBay now counts 145 million active buyers, up 14% year over year.

Despite these solid results, shares of eBay were trading lower by more than 3% in after hours trading. The stock was priced at $52.81 as of 4:51 p.m. ET.