There’s still money to be made in online marketing, it seems – but maybe not as much as investors and executives have been hoping. The eBay online marketplace has reported 2016 first-quarter earnings showing that it is growing, albeit slowly.

For the three months ended March 31, eBay posted adjusted earnings of US$550 million down from $586 million in the same period last year, excluding contributions from former subsidiary PayPal.

Net revenue came in at $2.14 billion, up 3.7 percent from the $2.06 billion in the first three months of 2015. Analysts had projected an average revenue estimate of $2.08 billion, while eBay previously said it expected sales for the quarter to fall between $2.05 billion and $2.1 billion.

EBay now tips second quarter net revenue to fall between $2.14 billion and $2.19 billion. For 2016, eBay expects revenue of $8.6-8.8 billion, compared to analysts’ average estimate of $8.73 billion.