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Profits up by 50% for eBay

Profits up by 50% for eBay

eBay has announced its second quarter results today, with net profits rising by 50%. Revenue for the auction site was up 26%, though the number of new listings fell by 6%. The company's net income for Q2 rose to $376m (£185m) while eBay said that profits for the whole of 2007 are set to reach $7.45bn (£3.75bn). Despite the drop in the number of listings, higher auction fees have helped raise revenue. In addition, eBay's worldwide 'active' users rose by 7% to 83.3m. Revenues from online payments system PayPal also increased; it seems to have been unaffected by the launch of Google Checkout. Chief exec Meg Whitman said that three quarters of eBay's US customers use PayPal, while for the UK the figure is one in three. PayPal's Q2 revenue grew by 34%, reaching $454m (£221m), helped by a rise of 57% in payments from non-eBay online customers. Revenue from eBay's core auction and buy it now sales rose 26% to $1.29bn (£629m), while the total value of items sold on the auction site increased 12% to $14.5bn (£7bn). Source: E-consultancy

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