Feeds

eBay beats Q1 forecasts with PayPal mobe cash mountain

Money-swap site boosts its revenue by a third

Eight steps to building an HP BladeSystem

eBay has seen its revenues and income rise in the first quarter this year, boosted by PayPal's moves in the mobile payments sector.

The web marketplace reported a 29 per cent lift in revenue from the same quarter last year, rising to $3.3bn (£2bn), while net income was up 17 per cent to $725m (£450m), beating analysts' expectations.

PayPal saw the biggest growth, pulling in 32 per cent more than the first quarter of 2011 at $1.3bn (£809m), while eBay Marketplaces drew in 11 per cent more at $1.7bn (£1bn).

GSI Commerce, a business that makes and runs online shopping sites for real-life shops and was acquired by eBay in the second quarter of last year, grabbed $237m (£148m) in revenue.

eBay has been expanding PayPal into the mobile payments market, joining the race to replace everyone's cash and cards with smartphone-loaded mobile wallets, and so far the move looks like it's paying off.

"PayPal launched an expansion of its payment services to offline merchants in the first quarter," the company said in a canned statement. "The Home Depot has launched PayPal payments in all of its nearly 2,000 US stores, giving shoppers the opportunity to pay using just their mobile phone number or PayPal payment card and PIN.

"We also launched PayPal Here in the US, Australia, Canada and Hong Kong. With PayPal Here, small businesses can now process almost any form of payment online or offline, including credit and debit cards, cheques and PayPal using only a smartphone."

The web firm is expecting around the same revenue for the next quarter, ending in June, with a forecast of $3.25bn to $3.35bn (£ 2.02bn to 2.08bn). It's full year forecast is for revenues of $13.8bn to $14.1bn (£8.6bn to £8.8bn). ®

Mobile application security vulnerability report

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
White? Male? You work in tech? Let us guess ... Twitter? We KNEW it!
Grim diversity numbers dumped alongside Facebook earnings
Bose says today is F*** With Dre Day: Beats sued in patent battle
Music gear giant seeks some of that sweet, sweet Apple pie
Amazon Reveals One Weird Trick: A Loss On Almost $20bn In Sales
Investors really hate it: Share price plunge as growth SLOWS in key AWS division
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Too many IT conferences to cover? MICROSOFT to the RESCUE!
Yet more word of cuts emerges from Redmond
Chips are down at Broadcom: Thousands of workers laid off
Cellphone baseband device biz shuttered
prev story

Whitepapers

Top three mobile application threats
Prevent sensitive data leakage over insecure channels or stolen mobile devices.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Build a business case: developing custom apps
Learn how to maximize the value of custom applications by accelerating and simplifying their development.