Wednesday, April 18, 2007

Good Job Meg Whitman

EBay's Profit Soars 52%
With Strength in Auctions
April 18, 2007 5:02 p.m.

EBay Inc.'s net income jumped 52% in the first quarter, as the online auctioneer kept its costs in check on rising revenue and benefited from a lower tax rate, and lifted its financial projections for the rest of the year.

The San Jose, Calif., company also said it bought back about 10 million shares worth $333 million during the quarter under a program that allows it to buy another $2 billion in shares by January 2009.

"The strength of our core businesses, as well as the significant traction we're beginning to see across our newer businesses, helped us deliver great results across the board," Chief Executive Meg Whitman said in a statement.

Late Wednesday, eBay reported first-quarter net income of $377.2 million, or 27 cents a share, up from $248.3 million, or 17 cents, a year ago. Revenue for the period totaled $1.77 billion, up 27% from $1.39 billion last year.

Excluding stock-based compensation and amortization of intangibles, earnings rose 34% to $460 million, or 33 cents a share, from $342.9 million, or 24 cents, a year ago.

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