eBay Inc. (NASDAQ: EBAY) announced second quarter results not too long ago and easily beat estimates. Sales were strong across all business segments.

Soon the webcast will begin and I'll be right here liveblogging the event with Meg Whitman and company. I want to hear what eBay has to say about the lower listings growth.

You can listen yourself to the webcast or just stay here and remember to refresh your page.

4:59 pm: Listening to violin music and waiting for the welcomes and the disclaimers that are bound to follow before we get to the real interesting stuff.

5:01 pm: OK, the webcast is officially starting late. I'll try to refresh, maybe it's me.

5:03 pm: And we're starting! Meg Whitman, Bob Swan and Bill Cobb. Disclaimers galore now. Checking eBay's stock price, down 0.9%.

5:05 pm: Meg is speaking, saying the quarter was great and giving some highlights. She sounds relaxed and calm, the best I've heard her in the past year.

Well, you know me. When things look down, I tend to point to the positive aspects, and when things are great, I point to aspects that aren't that wonderful.

So kudos eBay. Indeed. I can't say I wasn't impressed with the financial results of the fourth quarter. I wasn't surprised either along with many of you who weren't; 70% of BloggingStocks readers who voted, thought eBay Inc. (NASDAQ:EBAY) would beat estimates. Only 12% thought eBay would disappoint.

As analysts (and I) have expected, PayPal has been the crown jewel in eBay's earnings, with its revenues growing 37% in Q4. Market place wasn't bad either, growing 24%. Even Skype showed some more growth. International growth, listing growth and the share repurchase plan sure give investors more confidence too. I also liked eBay's continued listing mix shift. Meg Whitman, eBay's CEO, said eBay wants to concentrate on buyer rather than seller experience, and that's exactly what the shift is doing. Oh, hey, and raising guidance is always a good thing too.

Still, Skype isn't growing as fast as expected, definitely not fast enough to justify its hefty purchase price. As for market place, eBay's revenues were positively affected by two new game consoles offered this quarter and by a strong holiday season. Though an analyst asked, Bob Swan, eBay's CFO, couldn't put a number on how much these game consoles sales contributed to eBay's top line. So as I mentioned during the liveblog, I wonder how the results would have looked without these sales.

Two other things I would have liked differently. It's been a few quarters now that eBay benefits from a favorable exchange rate and a lower tax rate. Also, operating margins were lower this quarter. As for user metrics, I'm not that concerned about it, although several analysts do note lower active users being a concern.

So there you have it. Yes, eBay shares are gaining some 7% now (around 1:30 p.m. ET) to $32.12, and true, the day high was $33.80. But even at $33.80, eBay shares are down from their $44.64 52-week high, and are actually back to their November levels.

Last, despite my concerns, I like eBay and have confidence in its management.

Also check out some other earnings reports that we're following, and let us know what you're expecting.

Bob Swan is the new chief financial officer of eBay. Only 30 days into the job he had the daunting task of presenting his first earnings release and running a gauntlet of analyst questions.

He did a great job, but his caution on the call came across as real worry. He (with some help from Meg), was happy to list all the risks to eBay's forecast one he was pressured about why he didn't raise guidance. Here's what he's worried about:

- EBay is getting more seasonal with age -- like regular retailers -- so its Q2 and Q3 could be worse than expected.

- The company allowed stores to list more stuff, which deluged customers with listings when they did searches. Customers bought less. That's why total merchandise sales grew 18% in the quarter but listings grew 33%. That move has been rolled back in Canada and the U.S., but its impact still needs monitoring.

I just got off eBay's first quarter earnings call and no longer am I quite so surprised that the stock sold off in after-hours trading after the auction giant released its results. The stock fell 5% to $38.42 after today's 5 p.m. ET announcement. 

On the face of it, the results weren't bad. EBay met Wall Street's estimates and exceeded its own guidance -- although it did some weird monkeying around with "non-GAAP" results that used to be known as "pro-forma" and would have been higher if it weren't for stock option expensing and new accounting rules. (Just give us the straight scoop, next time, okay?).

The release's second subhead was a real grabber: "Q1 GAAP Diluted EPS of $0.17 and Non-GAAP (pro forma) Diluted EPS of $0.24." Catchy, right?

But that's not why the stock sold off.