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eBay whips Wall Street forecasts

Profit triples to $25m

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eBay whipped Wall Street expectations last night when it announced profit more than tripled in the second quarter.

The online auctioneer saw net income rise to $24.6 million for the three months ended June 30, compared to $7.46 million for the same period the previous year.

Sales jumped 84 per cent to $180.9 million, around $15 million higher than analysts were expecting. The company topping analysts' estimates for the seventh consecutive quarter.

eBay said it added 4.4 million users during the quarter, bringing its total to 34.1 million.

"It's clear that our business has excellent momentum," said eBay president and CEO Meg Whitman.

"We're seeing sustained growth across categories, trading formats, and in our international operations."

In a conference call the company said it sold a digital camera every 90 seconds and a PC every 30 seconds.

The dotcom expects sales in the second half of 2001 to reach $385 million to $400 million - or up to $30 million higher than previously forecast. ®

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