27 May 2015
Your browser is unable to support Flash files.

PayPal boosts eBay Q2 results

22 July 2010  |  7900 views  |  0 add to basket

Online auction giant eBay has posted a 26% rise in net income for the second quarter on the back of impressive growth at its PayPal unit.

The group saw net income of $412 million, or 31 cents per diluted share, up from $327 million in Q2 2009. Net revenue was $2.22 billion, up six per cent from $2.10 billion the previous year.

The firm beat street expectations, largely thanks to the continued rise of PayPal, which saw revenue up 22% to $817 million for the quarter.

PayPal added a million new accounts each month during the quarter and its merchant services business has grown by over 40% year over year for three consecutive quarters.

John Donahoe, president and CEO, eBay, says: "PayPal is strong and getting stronger, building a robust and innovative global footprint serving all of ecommerce."

The PayPal success has helped to compensate for "slower than expected" growth for eBay's US business, which is undergoing a "turnaround" plan.

For the full year, eBay expects PayPal to continue its strong performance, resulting in a positive impact to net revenues of around $100 million and $0.06 to $0.08 per diluted share.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

16 June, 2010
07 April, 2010
04 November, 2009
12 March, 2009
29 September, 2008

Related company news

 

Top topics

Most viewed Most shared
Cash overtaken by non-cash payments in the...
7911 views comments | 50 tweets | 32 linkedin
UK opts out of European online payments se...
7517 views comments | 22 tweets | 17 linkedin
Bigger banks may have to set up their own...
6408 views comments | 41 tweets | 33 linkedin
JPMorgan Chase puts data to use with new t...
4627 views comments | 16 tweets | 7 linkedin
Postbank trials HCE mobile payments
4626 views comments | 9 tweets | 8 linkedin

Featured job

c.£70-100K base, commission + equity
London, UK

Find your next job