EBay Inc on Wednesday reported that its second-quarter results were dented by acquisition costs, and the e-commerce company forecast third-quarter profit just below analyst forecasts, sending shares 1 percent lower.

EBay said second-quarter net income was $283.4 million, or 22 cents per share -- down from $412 million, or 31 cents a share, a year earlier. The decline in earnings was mainly driven by costs from eBay's acquisition of GSI Commerce earlier this year.

They are incorporating a new division and there are always costs associated with a large acquisition like this, said Bill Smead of Smead Capital Management, which owns eBay shares.

Smead also noted that eBay shares have peaked several times around $34.50 during the past 3-1/2 years.

It might take a little more good news to get it through there, he said. I'm not surprised to see a little selling as it approaches this level.

Excluding acquisition costs, stock-based compensation expenses and other items, profit was $630.9 million, or 48 cents per share, versus $530 million, or 40 cents per share, a year earlier.

On that basis, both the profit and the revenue beat expectations.

Analysts on average expected EBay to make 46 cents per share, according to Thomson Reuters I/B/E/S.

Revenue in the latest period was $2.8 billion, up 25 percent from the second quarter of 2010. Second-quarter revenue was expected to be $2.607 billion, according to Thomson Reuters I/B/E/S.

EBay said it expects third-quarter earnings per share to be 46 cents to 47 cents a share. Analysts were forecasting third-quarter profit of 47 cents per share, according to Thomson Reuters I/B/E/S.

Gross merchandise value, or GMV, excluding vehicle sales -- a closely watched measure of activity on eBay's Marketplace -- rose 17 percent in the second quarter from a year earlier, to $14.7 billion, eBay reported.

Ken Sena, an analyst at Evercore Partners, said growth in gross merchandise value shows the marketplaces business is undoubtedly pretty strong and that changes in pricing and to the site were paying off.

Sena also cited better-than-expected gains at PayPal and strong margins.

EBay shares slipped 1 percent to $32.83 after closing at $33.17 on Nasdaq.

(Reporting by Alistair Barr and Phil Wahba; Editing by Gary Hill)