EBay quarterly results top analyst estimates

Reuters News
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Posted: Jul 20, 2011 4:34 PM

SAN FRANCISCO (Reuters) - EBay Inc reported better-than-expected quarterly results on Wednesday as the company's main online Marketplace business showed signs of a turnaround and its PayPal unit continued to grow quickly.

EBay said second-quarter net income was $283.4 million, or 22 cents per share. That compares to net income of $412 million, or 31 cents a share, in the same period a year earlier.

The decline in earnings was mainly driven by costs from eBay's acquisition of GSI Commerce earlier this year.

Excluding those 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.

Both the profit and revenue beat expectations.

EBay was expected to make 46 cents per share, according to a survey of analysts by Thomson Reuters I/B/E/S. Those estimates exclude stock-based compensation expenses and other items.

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.

(Reporting by Alistair Barr; Editing by Gary Hill)