Ebay rises after predicting a strong 2010 for PayPal
WEB commerce company eBay beat Wall Street’s quarterly profit estimates, helped by a record performance at its PayPal online payments unit and strong marketplace sales in Europe.
Shares in the company jumped 3.6 per cent after-hours as it predicted PayPal would maintain its strong results through the year. At the same time, it warned that the negative effect of a stronger US dollar would hurt full-year results and trimmed the high end of its 2010 forecast.
Net profit in its second quarter rose to $412m (£272m), or 31 cents per share, from $327m, or 25 cents per share, a year earlier. On an adjusted basis, earnings were 40 cents versus 37 cents in the year-ago period. Analysts, on average, had been expecting adjusted earnings of 38 cents per share.