EBay profit tops forecasts on higher sales

Markets Reuters

NEW YORK (Reuters) - EBay Inc reported a higher than expected quarterly profit as it sold much more merchandise on its marketplaces and its PayPal payment system was used by more merchants.

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EBay said revenue rose 15.9 percent to $2.55 billion, fueled by a 23 percent rise at PayPal and a 12 percent increase at its main marketplaces unit. That beat Wall Street forecasts of $2.48 billion.

Net income for the first quarter, which ended on March 31, was $476 million, or 36 cents per share, compared with $398 billion, or 30 per share, a year earlier. On an adjusted basis, eBay earned 47 cents per share, beating analyst forecasts by a penny, according to Thomson Reuters I/B/E/S.

Gross merchandise volume excluding vehicles rose 8 percent to $14.5 billion.

For the current quarter, eBay is expecting adjusted earnings of 45 cents to 46 cents per share on revenue between $2.55 billion and $2.65 billion.

(Reporting by Phil Wahba, editing by Bernard Orr)