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EBay reports jump in its profits EBay reports jump in its profits
(about 1 hour later)
The internet auction site eBay has reported a big jump in its quarterly profits.The internet auction site eBay has reported a big jump in its quarterly profits.
Net income for the last three months of 2011 came in at $1.98bn (£1.28bn), up from $559m in the same period last year.Net income for the last three months of 2011 came in at $1.98bn (£1.28bn), up from $559m in the same period last year.
"We had a strong fourth quarter finish to an excellent year," eBay president John Donahoe said in a statement."We had a strong fourth quarter finish to an excellent year," eBay president John Donahoe said in a statement.
EBay said its earnings growth was partly driven by a gain from the sale of its remaining stake in Skype.EBay said its earnings growth was partly driven by a gain from the sale of its remaining stake in Skype.
eBay has reported a 14% increase in third quarter profits. Microsoft's $8.5bn acquisition of Skype was announced in May and cleared by competition authorities in October.
Net income for the three months to the end of September came in at $491m (£311m), up from $432m in the same period last year. Excluding exceptional gains such as the sale of Skype, eBay's profit from the quarter would have been $789m.
EBay said the growth was driven by increased activity on its online marketplaces and greater use of its PayPal payments network. The company's shares rose to $30.93 in after-hours trading, having closed regular trading at $30.43.
But in after-hours trading in New York, the company's shares fell 5% to $31.45. EBay's results were also boosted by strong performance from its online payments unit PayPal.
"Investors were assuming there would be upside surprise in earnings or the guidance," said Fred Moran, an analyst at the Benchmark Company. "We are a different eBay today, no longer just an e-commerce leader but a stronger, more diverse global commerce company shaping the future of shopping and payments," Mr Donahoe said.
"They maintained their full-year forecast essentially, which reflects a little caution around the global economy."
In his results statement, chief executive John Donahoe stressed the importance of the company's applications for mobile phones.
"Mobile commerce continues to accelerate as consumers change the way they shop and pay," he said.
"We are focused on enabling commerce, helping consumers shop anytime, anywhere, and being the commerce partner of choice for retailers of all sizes."