Feeds

eBay beats Q1 forecasts with PayPal mobe cash mountain

Money-swap site boosts its revenue by a third

Secure remote control for conventional and virtual desktops

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). ®

Boost IT visibility and business value

More from The Register

next story
Assange™: Hey world, I'M STILL HERE, ignore that Snowden guy
Press conference: ME ME ME ME ME ME ME (cont'd pg 94)
Premier League wants to PURGE ALL FOOTIE GIFs from social media
Not paying Murdoch? You're gonna get a right LEGALLING - thanks to automated software
Caught red-handed: UK cops, PCSOs, specials behaving badly… on social media
No Mr Fuzz, don't ask a crime victim to be your pal on Facebook
Online tat bazaar eBay coughs to YET ANOTHER outage
Web-based flea market struck dumb by size and scale of fail
Amazon takes swipe at PayPal, Square with card reader for mobes
Etailer plans to undercut rivals with low transaction fee offer
Call of Duty daddy considers launching own movie studio
Activision Blizzard might like quality control of a CoD film
US regulators OK sale of IBM's x86 server biz to Lenovo
Now all that remains is for gov't offices to ban the boxes
Ballmer quits Microsoft board to spend more time with his b-balls
From Clippy to Clippers: Hi, I see you're running an NBA team now ...
prev story

Whitepapers

Endpoint data privacy in the cloud is easier than you think
Innovations in encryption and storage resolve issues of data privacy and key requirements for companies to look for in a solution.
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.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Solving today's distributed Big Data backup challenges
Enable IT efficiency and allow a firm to access and reuse corporate information for competitive advantage, ultimately changing business outcomes.
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.