RealTime IT News

EBay Profits up 50%

With all three of its business units pulling their weight, EBay today reported second quarter profits jumped 50 percent year over year to $376 million, or $0.27 earnings per diluted share.

EBay also reported record-setting second-quarter net revenues of $1.83 billion, which represents a growth rate of 30 percent year over year.

EBay President and CEO Meg Whitman said on a conference call to announce the earnings that the marketplaces, payments and communications units continued to deliver value to the company's global community.

Marketplaces net revenues totaled a record $1.29 billion in the quarter, with its growth clipping along at a rate of 26 percent over the $1.03 billion reported in a year ago. PayPal net revenues totaled a record $454 million in the second quarter, a growth rate of 34 percent over the same period a year ago.

And for the second quarter in a row, eBay's Skype acquisition showed signs of paying off, as communications net revenues totaled a record $90 million, a growth rate of 103 percent over the $44 million reported in the same quarter a year ago.

Ebay upgraded its outlook to reflect the good news. The company said it now expects consolidated net revenues for 2007 to be in the range of $7.3 billion to $7.450 billion.