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eBay shares down on good results

And founder launches local news for locals

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eBay shares were down almost nine per cent in after hours trading despite the company posting a pretty decent set of quarterly results.

In the first quarter eBay made revenues of $2.2bn, up nine per cent on last year, and net income was $398m, up 11 per cent on the same period last year.

The markets were partly spooked by eBay's conservative outlook - it expects revenue in the second quarter to be between $2.15bn and $2.2bn. This represents an increase of 11 per cent to 14 per cent once Skype, sold last year, is stripped out. The company expects growth of 9-12 per cent for the full year.

John Donahoe, president and CEO, said the quarter was a strong step towards the company's three-year restructuring plan. This includes making PayPal the world's first choice for online payments and making changes to its core auction business - changes which are not proving universally popular with sellers.

In other news eBay founder Pierre Omidyar told the Grauniad about his local news site for Hawaii which launches next month.

The site, called Civil Beat will offer local news in exchange for a $19.99-a-month subscription. ®

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