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July 22, 2010

eBay Q2 revenue up 6% to $2.2bn

Expects net revenues to be in the range of $2.13bn to $2.18bn for Q3 2010

By CBR Staff Writer

eBay has posted second quarter revenue of $2.21bn, an increase of 6% compared to $2.09bn in the same period last year.

The payments business unit reported revenue of $770.7m, an increase of 22% year-over-year. The marketplaces business unit, which consists of eBay, Shopping.com, StubHub, Kijiji and other e-commerce sites, recorded $1.18bn in revenue, a 12% year-over-year increase.

Operating margin increased to 21.9% for the second quarter, compared to 19.6% for the same period last year.

Net income for the second quarter of 2010 was $412m or $0.31 per diluted share, compared to $327m or $0.25 per diluted share in the same quarter a year ago.

John Donahoe, president and CEO of eBay, said: "We delivered strong second quarter results, demonstrating the global strength and increasing diversity of our business. PayPal is strong and getting stronger, building a robust and innovative global footprint serving all of ecommerce.

"And our eBay turnaround remains on track, with strong performance in Europe, significant changes in the US and continued improvements to the buying and selling experience. We continue to focus on delivering strong financial results, managing a healthy balance sheet and making the necessary investments to compete, win and satisfy our customers."

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For the third quarter of 2010, eBay estimates net revenues to be in the range of $2.13bn to $2.18bn, representing growth of 4% to 6% compared to same quarter in 2009, excluding Skype. The company also expects EPS to be in the range of $0.26 to $0.28.

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