Ebay profits rise, forecasts disappoint

Fri 18 Jul 2008
LONDON (ShareCast) - Shares in eBay fell after the online market place reported higher profits, but disappointed with forecasts for third quarter revenue. Turnover for the quarter rose by $361m from the same period a year ago to $2.2bn.Net profit jumped $97m to $568m, the San Jose, California company said.

"This was a strong quarter and we are very pleased with the performance of the portfolio, particularly with the growth generated by PayPal," said eBay president and CEO John Donahoe.

"We have made bold moves across the eBay marketplace to accelerate long-term growth. We remain confident in our strategies to improve the customer experience as we manage in an uncertain economic climate."

Estimates for revenues of $2.10bn to $2.15bn in the third quarter fell short of analysts expectations of around $2.17bn.

Source:http://uk.biz.yahoo.com/080717/214/i3d8x.html