Feeds

eBay beats Q1 forecasts with PayPal mobe cash mountain

Money-swap site boosts its revenue by a third

New hybrid storage solutions

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). ®

New hybrid storage solutions

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
Apple CEO Tim Cook: TV is TERRIBLE and stuck in the 1970s
The iKing thinks telly is far too fiddly and ugly – basically, iTunes
Huawei ditches new Windows Phone mobe plans, blames poor sales
Giganto mobe firm slams door shut on Microsoft. OH DEAR
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Apple Pay is a tidy payday for Apple with 0.15% cut, sources say
Cupertino slurps 15 cents from every $100 purchase
Forget silly privacy worries - help biometrics firms make MILLIONS
Beancounter reckons dabs-scanning tech is the next big moneypit
Microsoft's Office Delve wants work to be more like being on Facebook
Office Graph, social features for Office 365 going public
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
Top 5 reasons to deploy VMware with Tegile
Data demand and the rise of virtualization is challenging IT teams to deliver storage performance, scalability and capacity that can keep up, while maximizing efficiency.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.