eBay profits climb

 

ebayeBay Inc has reported earnings that rose by 5.6 per cent in its second quarter, topping analysts’ expectations.

The San Jose, California-based company on Wednesday said net income increased to $US676 million ($A731.40 million), or 53 US cents per share, from $US640 million, or 49 US cents per share, in the same quarter in 2013.

Earnings, adjusted for one time gains and costs, came to 69 US cents per share. The average per share estimate of analysts surveyed by Zacks Investment Research was for profit of 68 US cents.

The e-commerce company said revenue climbed 13 per cent to $US4.37 billion from $US3.88 billion in the same quarter in 2013, and missed Wall Street forecasts. Analysts expected $US4.38 billion, according to Zacks.

eBay shares have declined $US4.16, or 7.6 per cent, to $US50.70 since the beginning of the year, while the Standard and Poor’s 500 index has risen 7.2 per cent. The stock has dropped $US6.68, or 12 per cent, in the last 12 months.

AP

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