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eBay beats expectations

eBay says it is working to stabilise its marketplaces business as it moves to spin off its PayPal division later this year. The company on Wednesday reported first quarter net income that beat expectations as continued strong growth in its PayPal payments unit offset the impact of the stronger dollar. A stronger dollar cuts into revenue generated overseas when it’s translated back into dollars. The results sent eBay’s stock up five per cent in aftermarket trading. The e-commerce comp