23 May 2017
Find out more

PayPal boosts eBay Q2 results

22 July 2010  |  8536 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)

Finextra news in your inbox

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

Related stories

PayPal partners Singapore govt for m-commerce drive

PayPal partners Singapore govt for m-commerce drive

16 June 2010  |  8033 views  |  0 comments
PayPal iPhone app downloaded one million times in three weeks

PayPal iPhone app downloaded one million times in three weeks

07 April 2010  |  10450 views  |  0 comments
PayPal opens up to third party developers

PayPal opens up to third party developers

04 November 2009  |  9076 views  |  0 comments
Ebay looks to double PayPal revenue

Ebay looks to double PayPal revenue

12 March 2009  |  6221 views  |  0 comments
E-payment threat to bank revenue

E-payment threat to bank revenue

29 September 2008  |  13629 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comDownload the paper nowvisit dh.com

Top topics

Most viewed Most shared
European banks lobby Commission to push ahead with screen scraping banEuropean banks lobby Commission to push ah...
8642 views comments | 29 tweets | 35 linkedin
Time for data-driven banking to come of ageTime for data-driven banking to come of ag...
8578 views comments | 28 tweets | 35 linkedin
Google and PayPal partner for mobile shopping by fingerprintGoogle and PayPal partner for mobile shopp...
8315 views comments | 27 tweets | 27 linkedin
Banks must get on AI bandwagon now – new Finextra researchBanks must get on AI bandwagon now – new F...
8041 views comments | 22 tweets | 29 linkedin
Twins fool HSBC voice biometrics - BBCTwins fool HSBC voice biometrics - BBC
7901 views comments | 19 tweets | 23 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job