EBay Profit Misses Street Forecast
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Online marketplace eBay Inc.  EBAY.O said  on Wednesday quarterly profit rose 44 percent,  helped by growth in its PayPal service, but results missed Wall  Street expectations.
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Package delivery company FedEx Corp.  on Wednesday reported a profit that missed analysts' forecast and said earnings growth would fall short of expectations due to continued softness in the U.S. economy.
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Shares of eBay fell nearly 12 percent in after-hours trading because its quarterly earnings missed Wall Street's expectations by a penny a share.
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United Parcel Service Inc.  said on Thursday its quarterly profit rose but missed expectations as shortfalls in its U.S. package business and rising fuel prices offset strength internationally.
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EBay was the online winner this "Black Friday," data published on Saturday showed, but overall Internet traffic growth was well below last year's even as bargain hunters tracked down sought-after toys and electronics on the Web before "Cyber Monday."
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EBay Inc  warned that 2008 results would fall below Wall Street expectations, sending its shares more than 5 percent, even as it confirmed long-serving Chief Executive Meg Whitman would step aside.
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U.S. technology stocks fell on  Thursday, taking a hit on sharp declines in online auctioneer  eBay Inc. EBAY.O and wireless technology company Qualcomm  Inc. QCOM.O after both posted lower-than-expected outlooks.
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U.S. stock futures fell throughout the  morning  on Thursday, pointing to a lower market open, as  disappointing earnings from eBay Inc. EBAY.O and a  lower-than-expected profit forecast from Qualcomm Inc. QCOM.O  weighed on Wall Street.
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Investor's Business Daily - Market News' retail trade index bounced 3.7 points to a still-weak 41.5 in the Oct. 27 week. Readings below 50 signal more chains are reporting slowing conditions. Same-store year-on-year sales growth is very weak at 0.7%, with total sales growth at 4.1%. Income is also weak, with 43% of the sample reporting declines vs. 40% reporting gains. Retailers blamed housing woes.
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EBay Inc., EBAY.O the world's  largest online marketplace, on Wednesday posted a quarterly  profit that rose 77 percent from a year ago, fueled by growth  in its international and PayPal businesses.
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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 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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Standard &amp; Poor&#39;s Equity Research said the purchase of Rent.com by eBay (nasdaq: EBAY - news - people ) could be a bit of a miscalculation.
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San Jose-based Internet auction site eBay, Inc., says it had net income of $182.3 million or 27 cents per diluted share on revenues of $805.
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EBay Inc., the world's largest  online marketplace, on Wednesday posted a quarterly profit that  rose 77 percent from a year ago, fueled by strong  back-to-school shopping and growth in its international and  PayPal businesses.
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EBay Inc  announced on  Wednesday the planned departure of long-serving Chief Executive  Meg Whitman as it warned that revenue for the first quarter and  2008 would fall below Wall Street expectations, despite strong  2007 year-end results.
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eBay&#39;s profit surged more than 76 percent on brisk sales of back-to-school computers, but executives cautioned that the online auction company&#39;s gangbuster growth is subject to seasonal variations and could waver next year.