EBay warns of weaker 2008 results
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EBay Inc warned that results for  the current quarter and year would fall below Wall Street  expectations, spoiling strong 2007 year-end results and the  planned departure of long-serving Chief Executive Meg Whitman.
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eBay exceeded Wall Street&#39;s earnings and revenue expectations for its fourth quarter and,&#160;as expected, announced that Meg Whitman will step down as president and CEO at the end of March, ending a 10-year tenure at the helm of the e-commerce giant.For the quarter ended Dec. 31, 2007, eBay had revenue of $2.18 billion, up $461 million from the fourth quarter of 2006 and above the $2.14 billion consensus estimate from analysts polled by Thomson Financial.Revenue grew across the board, but PayPal, StubHub, Skype, and advertising performed particularly well as eBay enjoyed strong sales during the 2007 holiday season, the company said Wednesday.New income was $531 million, or $0.39 per share, up from $346 million, or $0.25 per share, in 2006&#39;s fourth quarter. On a pro forma basis, which includes one-time items, net income was $611 million or $0.45 per share, topping the consensus expectation by $0.04.Whitman will hand over her CEO and president titles on March 31, but she will remain on the company&#39;s board of directors. She will be succeeded by John Donahoe.Whitman joined eBay in March 1998, when the company operated only in the U.S. and had 30 employees and $4.7 million in annual revenue. It now operates worldwide with more than 15,000 employees and almost $7.7 billion in revenue.Donahoe has been with eBay since February 2005, coming from Bain &amp; Company, where he was worldwide managing director since 1999. He is president of eBay Marketplaces, which generates more than 70 percent of the company&#8217;s global revenue.Rajiv Dutta, PayPal&#39;s president, has been named eBay executive vice president and will also replace Donahoe as president of eBay Marketplaces. Scott Thompson, PayPal&#8217;s CTO, will take over as PayPal president.Meanwhile, Bill Cobb, president of eBay North America, will step down and retire from the company at the end of the year. Lorrie Norrington, currently president of eBay International, will become president of eBay Marketplaces Operations and assume Cobb&#39;s responsibilities, eBay said.
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U.S. auto sales will likely fall again in 2008 due to economic stress on consumers, raising pressure on struggling Detroit automakers to cut prices or use sales incentives, economists and officials said on Tuesday.
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eBay's latest auction trend may give the company a major headache.
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EBay Inc warned that 2008 results would fall below Wall Street expectations, sending its stock down more than 5 percent even as it confirmed long-serving Chief Executive Meg Whitman would step aside.
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EBay Inc said on Wednesday it had a strong quarterly performance in auctions, masked by a big net loss due to a write-down, and that its full-year earnings would be at the top end of expectations.
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Stocks slid on Thursday, setting lows  for 2005, after disappointing reports from eBay Inc. EBAY.O  and Qualcomm Inc. QCOM.O added to worries about earnings  growth, while a survey showed factories in the Mid-Atlantic  region expanded at a slower pace than expected.
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High Street and catalogue retailer Next says weak Christmas and New Year sales will knock Â£5m off its full-year profits.
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The way that Detroit auto executives have been talking, 2008 will be a bad year to sell cars and trucks in the United States.
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Shares of eBay Inc. posted their  biggest one-day drop since November 2000 on Thursday after its  quarterly profit missed Wall Street expectations for the first  time and raised "red flags" about growth prospects at the  online marketplace.
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EBay Inc. EBAY.O on Wednesday  missed Wall Street's earnings expectations for the first time  in at least three years, sending its shares down nearly 12  percent and taking other Internet stocks lower.
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EBay Inc. EBAY.O  on Wednesday  missed Wall Street earnings expectations for the first time in  at least three years, sending its shares down 12 percent and  taking other Internet stocks lower.
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After a tumultuous year, industry insiders have mixed takes on eBay's long-term outlook.
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If eBay is a political hot potato, maybe you should pass the sour cream.
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U.S. stocks were set to open lower on  Thursday, weighed down by disappointing earnings from eBay Inc.  and a lower-than-expected profit forecast from Qualcomm Inc. .
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U.S. chain stores, reeling from the  slowest holiday shopping season in five years, got some more  bad news on Sunday: 2008 will not be any better and could see  changes that may shift the retail playing field forever.
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Shares in eBay fall 9.8% in after-hours trade in New York, after its quarterly profits fail to meet market expectations.