eBay more than doubles earnings

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iol scitech dec 6 ebay logo

AP

The weight of data crashed auction site eBay this week, leading to complaints from sellers claiming they had lost valuable custom.

New York - EBay more than doubled its second-quarter net income thanks to higher revenue from its PayPal online payments business and its e-commerce websites.

The results sent its stock up in after-hours trading.

EBay earned $692 million, or 53 cents per share, in the April-June period. That's up from $283 million, or 22 cents per share, in the same period a year earlier.

Adjusted earnings were $730 million, or 56 cents per share, in the latest quarter - a penny above analysts' expectations.

Revenue grew 23 percent to $3.4 billion from $2.76 billion.

Analysts, on average, were expecting revenue of $3.36 billion, according to FactSet.

EBay said its marketplaces business, which includes its flagship website, saw the strongest growth rate since 2006.

For the current quarter, eBay is forecasting adjusted earnings of 53 cents to 55 cents per share. That compared with analysts' expectations of 55 cents.

The San Jose, California-based company is expecting revenue of $3.3 billion to $3.4 billion. Analysts are predicting $3.41 billion. - Sapa-AP

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