eBay Reports 31% Jump In Q3 Revenues - InformationWeek

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eBay Reports 31% Jump In Q3 Revenues

Results were helped by revenues from PayPal, which increased by 41% to $350 million, while Internet telephony business Skype saw a 13% rise in revenues.

Online marketplace EBay Inc. on Wednesday reported a 31 percent jump in revenues for the third quarter, helped in part by a strong performance of its online payments service PayPal.

Net income for the quarter ended Sept. 30 increased 10 percent to $281 million, or 20 cents a share, from $256 million, or 19 cents a share, during the same period a year ago. Revenues rose to $1.45 billion from $1.11 billion a year ago.

Revenues from PayPal increased by 41 percent to $350 million, compared with $247 million the year before. The company's Internet telephony business Skype saw a 13 percent rise in revenues to $50 million from $44 million.

"Q3 was a very good quarter for the company, and a continuation of the strong earnings growth we delivered throughout the first half of the year," Meg Whitman, president and chief executive of EBay, said in a prepared statement.

During the quarter, the company repurchased 24 million shares of common stock at a total cost of $667 million. Such action is often taken to increase the value of a company's stock.

For the fourth quarter, EBay projected revenues from $1.615 to $1.675 billion; and earnings in the range of 21 cents a share and 22 cents a share. For the full year, revenues are expected to range from $5.865 billion to $5.925 billion, and earnings from 75 cents a share to 76 cents a share.

For the full year of 2007, the company expects revenue growth in the range of 17 percent to 21 percent over this year.

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