Profit at EBay Up Sharply, Stock Rises
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By Lisa Baertlein SAN FRANCISCO  - EBay Inc., the world's largest online marketplace, on Wednesday posted a 77 percent increase in quarterly profit, fueled by strong back-to-school shopping and growth in its international and PayPal businesses.
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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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EBay Inc., the world&#39;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
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By George Chamberlin , Daily Transcript Financial Correspondent. Stock prices moved sharply higher Wednesday, pushed by a strong earnings report from Hewlett-Packard and a blockbuster deal in the retailing sector.
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EBay Inc.  on Wednesday posted a 50 percent rise in net profit on strength in its auction and PayPal units but left its 2007 outlook little changed, even though investors had hoped for more.
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EBay (EBAY), the world&#39;s largest online marketplace, Wednesday posted a quarterly profit that rose 77% from a year ago, fueled by growth in its international and PayPal businesses.
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Online marketplace eBay Inc.  said  on Wednesday quarterly profit rose 44 percent, helped by growth in its PayPal service, and announced a two-for-one stock split.
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Revenue from online auctions sends Ebay's profits surging, despite a shrinking number of items up for sale.
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Reuters Group Plc RTR.L posted better  than expected full-year profits on Wednesday thanks to  disposals, cost cutting, improving sales and a return to profit  at electronic trading unit Instinet, which it may sell.
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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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Google Inc. GOOG.O stock jumped more  than 12 percent on Wednesday to new highs, pushing the Web  search leader past eBay Inc. EBAY.O as the biggest Internet  company in terms of stock market value, after trouncing  quarterly earnings forecasts.
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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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U.S. technology stocks rose on  Thursday as a strong quarterly earnings report from eBay Inc.  EBAY.O, the world's largest online market place, helped lift  the Nasdaq and Standard & Poor's 500 indexes.
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U.S. stocks were slightly higher on  Tuesday as technology shares were helped by a jump in Internet  stocks, including Web auctioneer eBay Inc. EBAY.O, but higher  oil prices weighed on market sentiment.
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EBay&#39;s third-quarter net income nearly doubled and revenue climbed 52 per cent, as the company&#39;s international auction business and a strong back-to-school season counteracted seasonally slow summer months.
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Web auction leader eBay Inc.   on Wednesday reported a 14 percent drop in  second-quarter profit that met expectations, but its stock rose  6 percent as it announced its first-ever share buyback.
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AT&T Inc  on Thursday posted a higher quarterly profit after better-than-expected wireless growth, sending its shares up almost 3 percent in pre-market trading.